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2009-6-10 08:34:00 a.m. HKT, XFNA
DJ MARKET TALK:Higher Investment Returns For China Insurers-Daiwa
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| 0814 [Dow Jones] Daiwa says China insurers have raised equity investments to 9%-12% of total investment assets in 1Q09 from 8% in 2008, while HSI and Shanghai A-share index rose by 26.3%, 44.6%, respectively during first five months of 2009. House adjusts assumption on valuation gain of equity investments of China Life (2628.HK), Ping An (2318.HK) and PICC (2328.HK) from zero to 15% for 2009, also raises 2009 total investment-return forecasts for three insurers by 0.6-1.0 percentage points. Raises China Life's target to HK$39.98 vs HK$33.61, Ping An's to HK$67.86 vs HK$54.95, PICC's to HK$5.70 vs HK$5.05. Upgrades Ping An to Outperform vs Hold; keeps China Life at Outperform, PICC at Hold. China Life ended down 1.0% at HK$29.10, PICC down 0.7% at HK$5.86; Ping An remains suspended, last traded at HK$59.05.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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