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01336
NCI
HKD
52.350-0.600
(-1.13%)
1D
AI Analysis for 01336
AI Analysis
High
53.600
Open
52.600
VWAP
52.48
Vol
8.76M
Mkt Cap
188.42B
Low
51.700
Amount
459.65M
EV/EBITDA(TTM)
15.99
Total Shares
3.12B
EV
354.57B
EV/OCF(TTM)
3.20
P/S(TTM)
3.62
New China Life Insurance Co Ltd is a China-based company principally engaged in life insurance business and asset management business. The Company operates its businesses through three segments. The Traditional Insurance segment mainly include traditional life insurance, health insurance and accident insurance, as well as reinsurance related to traditional insurance. The Participating Insurance segment mainly include insurance business with direct participation features and reinsurance related to participating insurance business. The Other Business segment mainly include universal life business, investment management business and unallocated other income and expenses. The Company mainly operates its businesses in the domestic market.
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News
4.5
03-05aastocksFTSE China 50 Index to Include NCI/WEICHAI POWER and Exclude MINSHENG BANK/ZTE
FTSE China Index Series Review: FTSE Russell has released the results of the FTSE China Index Series quarterly review for 1Q26, highlighting its significance as a benchmark for the Chinese equity market, with nearly 60% of globally issued ETFs tracking a FTSE China index.
Index Additions and Removals: The FTSE China A50 Index will include new stocks such as CHINA CSSC, TFC, and WANHUA CHEM, while removing EVERBRIGHT BANK, CRRC, and SHANXI FEN WINE.
FTSE China 50 Index Changes: The FTSE China 50 Index will add NCI and WEICHAI POWER, and remove MINSHENG BANK and ZTE, with details on short selling ratios provided for each stock.
Market Data Notes: The article includes a note that Hong Kong stock quotes are delayed by at least 15 minutes, and short selling data is current as of March 4, 2026.
4.5
02-24aastocksHSI Drops Over 500 Points; Meituan, Chinese Insurers and Pharmacies Underperform; Standard Chartered Remains Strong; Knowledge Atlas and MiniMax Recover
Market Overview: The Hong Kong bourse opened lower, with the Hang Seng Index (HSI) dropping 509 points or 1.9% to 26,572, amid a turnover of HKD124.419 billion.
Pharmaceutical Sector Decline: Pharmaceutical stocks were the biggest losers, with notable declines in HANSOH PHARMA, SINO BIOPHARM, and CSPC PHARMA, all experiencing significant short selling.
Insurance Sector Struggles: Chinese insurers faced pressure, with major companies like CHINA LIFE and PING AN seeing substantial losses, contributing to a broader decline in the financial sector.
AI Stocks Recovery: Three AI-related semi-IPOs rebounded after previous losses, with MINIMAX-WP, KNOWLEDGE ATLAS, and HAIZHI TECH GP all posting gains and increased trading volumes.
4.0
02-16aastocksCiti's Ratings and Target Prices for Chinese Insurers (Table)
Stock Performance: Several insurance stocks in Hong Kong showed positive movements, with CHINA LIFE increasing by 1.935% and PICC GROUP by 2.744%.
Investment Ratings: Most stocks received a "Buy" rating, including CHINA LIFE, CPIC, and PICC GROUP, while CHINA TAIPING and NCI were rated as "Neutral".
Short Selling Data: Short selling activity varied, with PING AN having the highest short selling amount at $177.33M and a ratio of 22.445%.
Target Price Adjustments: Analysts have adjusted target prices for several stocks, with CHINA LIFE's target raised to HKD40 and PICC P&C's lowered to HKD20.5.
3.0
02-16aastocksCiti Reports: Upcoming Results Season for Chinese Insurers; China Life Anticipated to Top NBV Growth
Earnings Announcement Period: The earnings announcement period for Hong Kong/China insurers for FY2025 will start on March 19, led by AIA, PRU, and ZA ONLINE.
Growth Expectations: Citi Research anticipates strong growth in new business value for Chinese life insurers, with China Life, Ping An, and CPIC expected to lead with growth rates of 38%, 32%, and 28%, respectively.
Earnings Forecast: The broker predicts solid earnings growth for FY2025, with significant increases expected for China Taiping, China Life, and NCI, among others.
Short Selling Data: The report includes short selling data for various insurers, indicating varying levels of short selling activity and ratios across different companies.
4.0
02-16aastocksCiti Places CPIC on 90-Day Negative Watch, Anticipates FY25 Performance to Fall Behind Competitors
Citi's Negative Catalyst Watch on CPIC: Citi has initiated a 90-day negative catalyst watch on CPIC (02601.HK), predicting that its FY25 results will underperform compared to peers, with a projected 28% growth in new life insurance business.
Comparative Performance Expectations: The anticipated combined operating ratio for CPIC in FY25 is 98.0%, which is less favorable than major competitors like PICC GROUP and PING AN, whose ratios are forecasted at 97.3% and 97.1%, respectively.
Earnings Growth Projections: CPIC's projected 16% year-over-year earnings increase for FY25 is significantly lower than the expected growth rates of its competitors, such as CHINA TAIPING at 220% and CHINA LIFE at 47%.
Citi's Rating and Target Price: Despite the negative outlook, Citi has rated CPIC as a Buy and set a target price of HKD 44.9.
Money Flow
Over the past 66 trading days, overall net money flow is 140.72M, with retail investors contributing 6.92M and major investors adding 126.01M.
Net Buy $ Volume
Net Sell $ Volume
M Stanley
M Stanley
maintain
$74
2026-05-05
Reason
The analyst rating is based on the performance of Chinese insurers in the first quarter, where CHINA LIFE reported a significant decline in net profit due to its aggressive investment strategy, while NCI showed an unexpected profit increase. PING AN and CPIC demonstrated stable results with balanced investment strategies. The broker believes that the market has already accounted for weak profit factors, and investors will shift focus to market developments and long-term growth. PING AN and CHINA LIFE are highlighted as top picks, with both rated as 'Buy'.
M Stanley
Price Target
$74
2026-05-05
maintain
The analyst rating is based on the performance of Chinese insurers in the first quarter, where CHINA LIFE reported a significant decline in net profit due to its aggressive investment strategy, while NCI showed an unexpected profit increase. PING AN and CPIC demonstrated stable results with balanced investment strategies. The broker believes that the market has already accounted for weak profit factors, and investors will shift focus to market developments and long-term growth. PING AN and CHINA LIFE are highlighted as top picks, with both rated as 'Buy'.
M Stanley
M Stanley
Underweight
maintain
$43
2026-05-05
Reason
M Stanley updated its model for NCI after the company's strong 1Q26 results, which outperformed peers. As a result, the broker raised its earnings forecasts for 2026 to 2028 and increased the target price from HKD43 to HKD44.8. However, due to NCI's higher valuation compared to major peers, the rating remains Underweight.
M Stanley
Underweight
Price Target
$43
2026-05-05
maintain
M Stanley updated its model for NCI after the company's strong 1Q26 results, which outperformed peers. As a result, the broker raised its earnings forecasts for 2026 to 2028 and increased the target price from HKD43 to HKD44.8. However, due to NCI's higher valuation compared to major peers, the rating remains Underweight.
Morgan Stanley
Morgan Stanley
downgrade
HKD43
2026-04-17
Reason
Morgan Stanley expects Chinese insurers to experience solid growth in after-tax operating profit in the first quarter of 2026, but net profit growth may vary due to stock market volatility, with many insurers likely to see declines. New business value growth is anticipated to remain strong, especially for larger insurers, while property and casualty insurers are expected to achieve satisfactory combined ratios. Specific forecasts indicate significant declines in net profits for major insurers, except for CPIC, which may see slight growth due to a prudent investment strategy.
Morgan Stanley
Price Target
HKD43
2026-04-17
downgrade
Morgan Stanley expects Chinese insurers to experience solid growth in after-tax operating profit in the first quarter of 2026, but net profit growth may vary due to stock market volatility, with many insurers likely to see declines. New business value growth is anticipated to remain strong, especially for larger insurers, while property and casualty insurers are expected to achieve satisfactory combined ratios. Specific forecasts indicate significant declines in net profits for major insurers, except for CPIC, which may see slight growth due to a prudent investment strategy.
Morgan Stanley
Morgan Stanley
NULL -> Underweight
downgrade
$43
2026-04-15
Reason
Morgan Stanley downgraded NCI's rating to Underweight and lowered its target price due to weak investment performance and a higher base of investment income for FY25. The broker also reduced its profit forecasts for 2026-27 and increased the cost of capital assumption to account for market volatility.
Morgan Stanley
NULL -> Underweight
Price Target
$43
2026-04-15
downgrade
Morgan Stanley downgraded NCI's rating to Underweight and lowered its target price due to weak investment performance and a higher base of investment income for FY25. The broker also reduced its profit forecasts for 2026-27 and increased the cost of capital assumption to account for market volatility.
Morgan Stanley
Morgan Stanley
NULL -> Underweight
downgrade
$43
2026-04-15
Reason
Morgan Stanley downgraded NCI's rating to Underweight and reduced the target price from HKD49.4 to HKD43 due to weaker investment performance and higher capital cost assumptions. The broker also lowered its net profit forecasts for FY2025 by 5.6% and for the following year by 6%.
Morgan Stanley
NULL -> Underweight
Price Target
$43
2026-04-15
downgrade
Morgan Stanley downgraded NCI's rating to Underweight and reduced the target price from HKD49.4 to HKD43 due to weaker investment performance and higher capital cost assumptions. The broker also lowered its net profit forecasts for FY2025 by 5.6% and for the following year by 6%.
BofAS
BofAS
Buy
maintain
$33.1
2026-03-27
Reason
The analyst rating for CHINA LIFE is influenced by concerns over its 1Q performance, as the market did not expect a loss in the last quarter, leading to negative reactions. Despite this, the company's dividend growth last year met expectations. The firm notes that CHINA LIFE's aggressive investment strategy has resulted in underperformance compared to more conservative peers, and due to macro uncertainties, investors are hesitant to buy high-beta stocks. However, the firm maintains a 'Buy' rating with a target price of HKD33.1.
BofAS
Buy
Price Target
$33.1
2026-03-27
maintain
The analyst rating for CHINA LIFE is influenced by concerns over its 1Q performance, as the market did not expect a loss in the last quarter, leading to negative reactions. Despite this, the company's dividend growth last year met expectations. The firm notes that CHINA LIFE's aggressive investment strategy has resulted in underperformance compared to more conservative peers, and due to macro uncertainties, investors are hesitant to buy high-beta stocks. However, the firm maintains a 'Buy' rating with a target price of HKD33.1.
Citi Research
Neutral
initiated
$62.3
2026-02-16
Reason
Citi Research rated NCI at Neutral with a target price of $62.3 due to the expectation that the company will be more negatively impacted by the anticipated weak performance of growth stocks in the A-share market during 4Q25 and 1Q26, given its higher proportion of public equity exposure.
Citi Research
Neutral
Price Target
$62.3
2026-02-16
initiated
Citi Research rated NCI at Neutral with a target price of $62.3 due to the expectation that the company will be more negatively impacted by the anticipated weak performance of growth stocks in the A-share market during 4Q25 and 1Q26, given its higher proportion of public equity exposure.
HSBC Research
Hold
maintain
$20 -> $29
2026-01-28
Reason
The analyst ratings for the companies mentioned in the article are based on various factors, including short selling activity, price targets, and overall market sentiment. Here are the reasons for each rating:
1. CHINA LIFE (02628.HK) - Hold: The stock has shown a slight increase, but the short selling ratio is relatively high at 27.183%, indicating some market caution. The target price range suggests limited upside potential.
2. CPIC (02601.HK) - Buy: Despite a small decline in share price, the short selling ratio is lower at 23.395%. The target price indicates a favorable outlook, suggesting potential for growth.
3. NCI (01336.HK) - Underweight: The stock has a low short selling ratio of 13.937%, but the rating reflects concerns about its performance relative to peers, with a target price that suggests limited upside.
4. PING AN (02318.HK) - Buy: The stock has increased, and while the short selling ratio is high at 27.396%, the target price indicates significant upside potential, making it a top pick in the sector.
For the A shares:
1. CHINA LIFE (601628.SH) - Hold: Similar to its H share counterpart, the rating reflects a cautious outlook with limited upside potential.
2. CHINA PACIFIC INSURANCE (601601.SH) - Buy: The stock has a slight decline, but the target price suggests a positive outlook and potential for growth.
3. NCI (601336.SH) - Hold: The stock has shown some positive movement, but the rating indicates a cautious approach with limited upside.
4. PING AN OF CHINA (601318.SH) - Hold -> Buy: The change in rating reflects a more optimistic outlook, with a significant increase in the target price indicating strong potential for growth.
Overall, the ratings are influenced by market conditions, short selling activity, and analysts' expectations for future performance.
HSBC Research
Hold
Price Target
$20 -> $29
2026-01-28
maintain
The analyst ratings for the companies mentioned in the article are based on various factors, including short selling activity, price targets, and overall market sentiment. Here are the reasons for each rating:
1. CHINA LIFE (02628.HK) - Hold: The stock has shown a slight increase, but the short selling ratio is relatively high at 27.183%, indicating some market caution. The target price range suggests limited upside potential.
2. CPIC (02601.HK) - Buy: Despite a small decline in share price, the short selling ratio is lower at 23.395%. The target price indicates a favorable outlook, suggesting potential for growth.
3. NCI (01336.HK) - Underweight: The stock has a low short selling ratio of 13.937%, but the rating reflects concerns about its performance relative to peers, with a target price that suggests limited upside.
4. PING AN (02318.HK) - Buy: The stock has increased, and while the short selling ratio is high at 27.396%, the target price indicates significant upside potential, making it a top pick in the sector.
For the A shares:
1. CHINA LIFE (601628.SH) - Hold: Similar to its H share counterpart, the rating reflects a cautious outlook with limited upside potential.
2. CHINA PACIFIC INSURANCE (601601.SH) - Buy: The stock has a slight decline, but the target price suggests a positive outlook and potential for growth.
3. NCI (601336.SH) - Hold: The stock has shown some positive movement, but the rating indicates a cautious approach with limited upside.
4. PING AN OF CHINA (601318.SH) - Hold -> Buy: The change in rating reflects a more optimistic outlook, with a significant increase in the target price indicating strong potential for growth.
Overall, the ratings are influenced by market conditions, short selling activity, and analysts' expectations for future performance.
HSBC
HSBC Global Research
Hold
to
Buy
upgrade
2026-01-28
Reason
The analyst rating from HSBC Global Research was influenced by several key factors:
1. Strong 2025 Results: Chinese insurers, including PING AN, reported strong results in 2025 due to higher investment returns from a rebound in the stock market.
2. Shift in Product Mix: Insurers are changing their product offerings towards participating products with lower guaranteed returns, which indicates a strategic shift in focus towards creating new business value.
3. Valuation Framework: The report suggests that investors are expected to incorporate new business value growth into their valuation assessments, which is a positive outlook for the sector.
4. Agency Team Capability: HSBC believes that PING AN has the most capable agency team among its peers, enhancing its competitive position.
5. Bargaining Power: PING AN has increased its shareholdings in banks, which has improved its bargaining power, further supporting its favorable rating.
6. Cautious Stance on Competitors: The report expresses a cautious view on other insurers like NCI and CHINA LIFE, particularly due to their higher sensitivity to capital market fluctuations compared to PING AN.
These factors collectively led HSBC Global Research to upgrade PING AN's A-shares from Hold to Buy and designate it as a top pick in the sector.
HSBC
Hold
to
Buy
Price Target
2026-01-28
upgrade
The analyst rating from HSBC Global Research was influenced by several key factors:
1. Strong 2025 Results: Chinese insurers, including PING AN, reported strong results in 2025 due to higher investment returns from a rebound in the stock market.
2. Shift in Product Mix: Insurers are changing their product offerings towards participating products with lower guaranteed returns, which indicates a strategic shift in focus towards creating new business value.
3. Valuation Framework: The report suggests that investors are expected to incorporate new business value growth into their valuation assessments, which is a positive outlook for the sector.
4. Agency Team Capability: HSBC believes that PING AN has the most capable agency team among its peers, enhancing its competitive position.
5. Bargaining Power: PING AN has increased its shareholdings in banks, which has improved its bargaining power, further supporting its favorable rating.
6. Cautious Stance on Competitors: The report expresses a cautious view on other insurers like NCI and CHINA LIFE, particularly due to their higher sensitivity to capital market fluctuations compared to PING AN.
These factors collectively led HSBC Global Research to upgrade PING AN's A-shares from Hold to Buy and designate it as a top pick in the sector.
JPMorgan
JPMorgan
Neutral -> Overweight
upgrade
$40
2026-01-08
Reason
The analyst rating from JPMorgan is based on several factors:
1. Performance Comparison: Insurers in the Asia-Pacific region, particularly H-share insurers, have shown strong performance, with CHINA LIFE and PING AN significantly outperforming the Hang Seng Index (HSI).
2. Top Picks: JPMorgan's top pick is PING AN, which has a target price of $100 and an Overweight rating, indicating a positive outlook on its performance. CHINA LIFE follows with a target price of $40.
3. Upgrades and Downgrades: The upgrade of CPIC from Neutral to Overweight reflects a fundamental recovery, suggesting improved financial health and prospects. Conversely, the downgrade of NCI from Overweight to Neutral is due to concerns about reserve quality compared to major insurers.
4. Cautious Outlook on Non-Life Insurance: JPMorgan remains cautious about the non-life insurance sector, rating PICC P&C and PICC GROUP at Neutral, indicating a more conservative view on these companies.
5. Preference for H-shares: The broker favors H-share life insurers over A-share counterparts, believing they offer more attractive risk-reward profiles and anticipating a narrowing valuation gap between H- and A-shares.
Overall, the ratings reflect a combination of strong past performance, positive outlooks for certain companies, and caution regarding others, particularly in the non-life insurance sector.
JPMorgan
Neutral -> Overweight
Price Target
$40
2026-01-08
upgrade
The analyst rating from JPMorgan is based on several factors:
1. Performance Comparison: Insurers in the Asia-Pacific region, particularly H-share insurers, have shown strong performance, with CHINA LIFE and PING AN significantly outperforming the Hang Seng Index (HSI).
2. Top Picks: JPMorgan's top pick is PING AN, which has a target price of $100 and an Overweight rating, indicating a positive outlook on its performance. CHINA LIFE follows with a target price of $40.
3. Upgrades and Downgrades: The upgrade of CPIC from Neutral to Overweight reflects a fundamental recovery, suggesting improved financial health and prospects. Conversely, the downgrade of NCI from Overweight to Neutral is due to concerns about reserve quality compared to major insurers.
4. Cautious Outlook on Non-Life Insurance: JPMorgan remains cautious about the non-life insurance sector, rating PICC P&C and PICC GROUP at Neutral, indicating a more conservative view on these companies.
5. Preference for H-shares: The broker favors H-share life insurers over A-share counterparts, believing they offer more attractive risk-reward profiles and anticipating a narrowing valuation gap between H- and A-shares.
Overall, the ratings reflect a combination of strong past performance, positive outlooks for certain companies, and caution regarding others, particularly in the non-life insurance sector.
Valuation Metrics
Forward PE
5Y Average PE
8.20
Current PE
6.91
Overvalued PE
10.43
Undervalued PE
5.96
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
0.00
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
0.00
Undervalued EV/EBITDA
0.00
Forward PS
N/A
5Y Average PS
1.27
Current PS
0.00
Overvalued PS
2.39
Undervalued PS
0.16
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