汇丰-中国保险股最新深度报告

HSBC_CHINA INSURANCE

_01.22 英文　　　28页 　.pdf

The share prices of the Chinese insurance stocks soared over the Christmas period before consolidating on what looks like a firm platform. One of the central tenets of our commentary on the Chinese (life) insurance stocks through 2006 was that stock prices were not taking account of the long-term growth in new business value added that the companies were

Despite the recent correction, the share prices of China Life, PICC and Ping An are fundamentally over valued
􀀗 We have cut ratings on China Life and Ping An to Underweight (from Neutral) although target prices are unchanged
􀀗 CIIH apart, the share prices of the insurers are a classic bubble