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2009-7-3 11:51:00 a.m. HKT, XFNA
DJ MARKET TALK: Macquarie Ups China Insurers' Targets 1%-13%
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| 1137 [Dow Jones] STOCK CALL: Macquarie ups China insurers target 1%-13%, after raising 2009 EPS forecasts 15%-269%, on gains from 63% rally in China's stock markets in 1H. House raises China Life (2628.HK) target to HK$31.40 vs HK$31.00, Ping An (2318.HK) HK$81.00 vs HK$HK$77.00, PICC (2328.HK) HK$5.10 vs HK$4.50, China Insurance (0966.HK) HK$19.10 vs HK$18.20, Ming An (1389.HK) HK$1.10 vs HK$1.00. Says market rally helps lift capital gains, mark-to-market gains to assets in embedded value. Adds, Ping An outperformed China Life by 18% year-to-date, but Ping An's valuation still attractive at 1.6X 2010 EV vs China Life's 2.0X; keeps Ping An rated Outperform, China Life rated Neutral. (ARP) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(Delayed by 1 hour)
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