InvestIdeas

Insurance stocks are holding steady… Travelers, Allstate, and W.R. Berkley are all sitting near new highs.

<Research Report>JPM latest ratings & TPs for Chinese insurers (Table)

JP Morgan, in its report, updated the latest investment rating and target price for Chinese insurers:

Stock/ Investment Rating/ Target Price (HK$)
PING AN (02318.HK)/ Overweight/ 130->150
CHINA LIFE (02628.HK)/ Neutral/ 30->40
CPIC (02601.HK)/ Overweight/ 48->51
NCI (01336.HK)/ Neutral/ 42->50
PICC P&C (02328.HK)/ Neutral/ 15->17
PICC GROUP (01339.HK)/ Neutral/ 4.2->4.9

Source: AAStocks Financial News

BofA Merrill Lynch's latest ratings & TPs for CN insurers (Table)

In a research report, Bank of America Merrill Lynch updated the latest investment ratings and target prices for Chinese insurance stocks as follows:

H shares: Stock / Investment Rating / Target Price (HK$)
CPIC (02601.HK) / Buy / 42.1->47.37
CHINA LIFE (02628.HK) / Buy / 35.06->40.24
NCI (01336.HK) / Neutral / 48.88->55
CHINA TAIPING (00966.HK) / Buy / 29.55->34.04
PING AN (02318.HK) / Buy / 106->122
PICC GROUP (01339.HK) / Neutral / 4.2->5.6

A shares: Stock / Investment Rating / Target Price (RMB)
China Pacific Insurance (601601.SH) / Buy / 33.68->37.9
Ping An Insurance (601318.SH) / Underperform / 82->88
China Life Insurance (601628.SH) / Underperform / 28.05->32.19
New China Life Insurance (601336.SH) / Underperform / 39.1->44

Source: AAStocks Financial News

not vested

<Research Report>Citi: Still bullish on Chinese insurers; hikes earnings forecasts & TPs

Citigroup remained bullish on Chinese insurers since the industry is in upcycle, with monetary easing, A-share rally and supportive policies.

Sector fundamentals have largely exceeded the historical averages with steady improvement.

Despite the vigorous uptrend over the past six months, the sector valuation was approximately 20% below historical average (1.7x to 1.9x P/EV).

With meaningful valuation upside, the research house revised up the earnings, EV, NBV estimates and target prices.

Top picks were PING AN (02318.HK) and CPIC (02601.HK), with a preference over CHINA LIFE (02628.HK) and NCI (01336.HK).

The target price of CHINA TAIPING (00966.HK), PICC GROUP (01339.HK) and PICC P&C (02328.HK) increased from $28, $4.3 and $16.6 to $32, $5.8 and $19 respectively, all of which were rated at Neutral.

CHINA LIFE, CPIC, NCI and PING AN were rated at Buy, with a target price of $46, $52, $60 and $142 respectively.

Source: AAStocks Financial News

CICC latest ratings & TPs for Chinese insurers (Table)

In a research report, CICC unveiled the latest ratings and target prices for China insurance shares.

Hong Kong-listed stocks: Stock /Investment Rating / Target Price (HK$)
PING AN (02318.HK) / Recommend->Conviction Buy / 131.17->153.8
CHINA LIFE (02628.HK) / Conviction Buy / 54.4
NCI (01336.HK) / Conviction Buy / 76.21
CHINA TAIPING (00966.HK) / Recommend / 38.71
CPIC (02601.HK) / Recommend / 55.9
AIA (01299.HK) / Neutral / 50.55
PICC GROUP (01339.HK) / Neutral / 4.6
PICC P&C (02328.HK) / Avoid / 13.96

---------------------------------

China-listed stocks: Stock / Investment Rating / Target Price (RMB)
Ping An Insurance A share (601318.SH) / Recommend->Conviction Buy / 103.62->121.5
China Pacific Insurance A share (601601.SH) / Recommend / 44.16
New China Life Insurance A share (601336.SH) / Recommend / 60.21
China Life Insurance A share (601628.SH) / Neutral / 42.98


Source: AAStocks Financial News

CICC latest ratings & TPs for Chinese insurers (Table)

In a research report, CICC unveiled the latest ratings and target prices for China insurance shares.

Hong Kong-listed stocks: Stock /Investment Rating / Target Price (HK$)
PING AN (02318.HK) / Recommend->Conviction Buy / 131.17->153.8
CHINA LIFE (02628.HK) / Conviction Buy / 54.4
NCI (01336.HK) / Conviction Buy / 76.21
CHINA TAIPING (00966.HK) / Recommend / 38.71
CPIC (02601.HK) / Recommend / 55.9
AIA (01299.HK) / Neutral / 50.55
PICC GROUP (01339.HK) / Neutral / 4.6
PICC P&C (02328.HK) / Avoid / 13.96

---------------------------------

China-listed stocks: Stock / Investment Rating / Target Price (RMB)
Ping An Insurance A share (601318.SH) / Recommend->Conviction Buy / 103.62->121.5
China Pacific Insurance A share (601601.SH) / Recommend / 44.16
New China Life Insurance A share (601336.SH) / Recommend / 60.21
China Life Insurance A share (601628.SH) / Neutral / 42.98


Source: AAStocks Financial News

G Sachs latest TPs & ratings for Chinese insurers (Table)

Goldman Sachs in a report raised its target prices for Chinese insurance shares to reflect the recent performance of capital market and growth momentum of the new business of Chinese insurers.

Stock / Investment Rating / Target Price (HK$)
CHINA LIFE (02628.HK) +0.700 (+1.928%) Short selling $46.69M; Ratio 2.990% / Conviction Buy->Buy / 36.7─>48.66
PING AN (02318.HK) +2.300 (+2.128%) Short selling $378.46M; Ratio 15.855% / Buy->Conviction Buy / 97.23─>145.78
CPIC (02601.HK) +0.900 (+2.236%) Short selling $27.44M; Ratio 10.849% / Neutral / 41─>49.72
NCI (01336.HK) +0.500 (+1.001%) Short selling $4.90M; Ratio 2.214% / Neutral / 51.25─>60.27
CHINA TAIPING (00966.HK) +0.650 (+2.301%) Short selling $19.38M; Ratio 4.979% / Neutral / 24.5─>35.99
PICC GROUP (01339.HK) +0.090 (+1.664%) Short selling $29.09M; Ratio 7.044% / Buy->Sell / 4.61─>5.7
PICC P&C (02328.HK) +0.580 (+3.360%) Short selling $21.93M; Ratio 7.087% / Neutral->Buy / 16.75─>22.63


Source: AAStocks Financial News

How Rising Interest Rates Affect Insurers (ALL, TRV)

P&C companies have an advantage over their life-insurance peers

By John Jagerson and Wade Hansen

Source: SlingShot Trader

http://investorplace.com/2015/05/how-ri ... WF8H9KeDGc

<Research Report>M Stanley Raises TPs for Chinese Insurers

Morgan Stanley said in a report that Chinese insurance stocks recently saw a rapid growth, implying fundamental recovery and strong A-share performance.

The industry will welcome a range of growth opportunities from demographic trends, ongoing market liberalization, and policy support. The broker maintained an attractive view on insurance insurers.

In addition, Morgan Stanley noted that AIA (01299.HK) successfully transferred its multiple from 1x EV to 15 VNB over the past four years.

The broker's latest order of preferences were shown as follows:
1. PING AN (02318.HK),
2. CPIC (02601.HK),
3. CHINA LIFE (02628.HK),
4. PICC GROUP (01339.HK),
5. PICC P&C (02328.HK),
6. CHINA TAIPING (00966.HK), and
7. NCI (01336.HK).

PING AN-H, CPIC-H and CHINA LIFE-H were recommended Overweight, with target prices lifted to $141, $49, and $41 from $95, $47, and $35 respectively.

Meanwhile, PICC GROUP-H was upgraded to Equalweight from Underweight, with a target price of $5.3 (up from $3.4).

CHINA TAIPING-H was also upgraded to Equalweight from Underweight and its target price was raised from $16 to $28.

Source: AAStocks Financial News

Insurance stocks are in a long-term uptrend… sector fund IAK hits a seven-year high.