citigroup 花旗：中国人寿 　China Life Insurance (LFC)

Sell: Risks Are Not in the Price

01.24 １０页 January 24, 2007 pdf

Summary
➤ píáää=çîÉêî~äìÉÇ=Ó=We=maintain our view that CL remains overvalued after its ADRs have fallen by 17% from its peak. Based on our revised target price of $35/ADR, which implies a 08E NBV multiple of 24.7x, CL ADRs have potential downside of 25%. If we lowered COE to 11% (from 11.5%) or assumed higher investment return, our target price would increase to$41/ADR

[此贴子已经被vbbill于2007-1-29 15:00:22编辑过]