BOCOM INTL: Raises target price for New China Life Insurance (01336) to 59 Hong Kong dollars, maintains "buy" rating.

BOCOM INTL released a research report stating that it has raised the target price of New China Life Insurance (01336) to HK$59, maintaining a "buy" rating. The bank has updated its forecast for the company for the years 2026-2028, expecting the company's premium business income to maintain a year-on-year growth rate of over 8% in the next three years. The new business value is expected to increase to RMB 11.5 billion, RMB 12.8 billion, and RMB 13.6 billion respectively, with the value rate continuing to climb to over 17%. The company has strong management capabilities on the investment side, with a relatively ideal investment portfolio that is overall controllable despite market volatility. Due to the uncertainty of investment income as a result of the rise in profits in the second half of the year, the year-on-year growth rate of net profit may gradually decline, but the long-term profitability is expected to be well supported, especially when market risk preferences improve, higher performance elasticity is expected. Since 2026, the company's performance has remained robust compared to the high base in 2025, with a 24.7% year-on-year increase in new business value in the first quarter. The investment side may face short-term pressure but is overall controllable.