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01336
NCI
HKD
61.9500.700
(1.14%)
1D
High
63.000
Open
61.200
VWAP
62.06
Vol
9.47M
Mkt Cap
--
Low
61.000
Amount
587.44M
EV/EBITDA(TTM)
31.50
Total Shares
--
EV
355.79B
EV/OCF(TTM)
3.79
P/S(TTM)
5.67
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
6.0
01-12aastocksM Stanley Ranks CN Insurers' H-shares in Order of Preference (Table)
Stock Performance Overview: Several insurance stocks in Hong Kong experienced declines, with PING AN dropping 2.071% and AIA decreasing by 0.593%, while CHINA LIFE saw a slight increase of 0.381%.
Short Selling Activity: Notable short selling figures were reported, with PING AN having a short selling ratio of 22.857% and CHINA LIFE at 27.436%, indicating significant market speculation against these stocks.
Analyst Ratings: Most companies listed, including PING AN, CHINA LIFE, and AIA, received an "Overweight" rating, suggesting analysts are optimistic about their long-term performance despite current market fluctuations.
Market Sentiment: Goldman Sachs expressed optimism regarding AIA's growth prospects in China and Hong Kong for the current year, highlighting a positive outlook amidst the overall market challenges.
4.0
01-08aastocks<Study>JPM Ratings and Target Prices for Chinese Insurers (Table)
Stock Performance: PING AN (02318.HK) and other Chinese insurers experienced declines in stock prices, with PING AN down 0.400 (-0.563%) and short selling at $810.17M, indicating a high short selling ratio of 24.113%.
Ratings and Target Prices: Most insurers, including PING AN, CHINA LIFE, and CPIC, received an "Overweight" rating with increased target prices, while NCI's rating was downgraded from "Overweight" to "Neutral".
Short Selling Trends: Significant short selling activity was noted across various insurers, with CPIC showing a high ratio of 29.098% and CHINA LIFE at 11.757%, reflecting market skepticism.
Market Insights: Citi predicts a one-off impact on Chinese insurers due to tax standard conversion, which may influence future performance and investor sentiment.
6.5
01-08aastocksJPM Expresses Optimism for H-shr Life Insurers; Recommends PING AN (02318.HK) with Target Price of $100
Insurer Performance: JPMorgan's report highlights that insurers in the Asia-Pacific region, particularly CHINA LIFE and PING AN, significantly outperformed the HSI, with PING AN being the top pick for its strong performance and upgraded target price.
Rating Changes: JPMorgan upgraded CPIC to Overweight due to its recovery but downgraded NCI to Neutral due to concerns over reserve quality, while maintaining a cautious stance on the non-life insurance sector.
H-share vs A-share: The broker favors H-share life insurers over A-share, believing they present more attractive risk-reward profiles and anticipating a narrowing valuation gap between the two.
Short Selling Data: The report includes short selling statistics for various insurers, indicating varying levels of market confidence and trading activity among them.
4.0
01-06aastocks<BofAS Analysis> Ratings and Target Prices for Chinese Insurers (Table)
Stock Performance: PING AN shares rose by 5.1%, while CHINA LIFE, CPIC, NCI, and PICC GROUP also saw increases in their stock prices, with varying short selling ratios.
Investment Ratings: Analysts have given "Buy" ratings for PING AN, CHINA LIFE, CPIC, and PICC GROUP, while NCI is rated as "Underperform."
Short Selling Data: PING AN has the highest short selling amount at $1.35 billion, with a ratio of 31.9%, indicating significant market activity.
Market Insights: Citi predicts a one-off impact on Chinese insurers due to tax standard conversion, while G Sachs and M Stanley have identified top picks for HK stocks.
4.5
01-05aastocks<Midday Update> HSI Ends Midday at 26,316, Decreasing by 21 Points; HSTI Ends Midday at 5,726, Dropping 10 Points; PING AN Rises Over 3%; PING AN, CHINA LIFE, NCI, CHALCO, CIMC ENRIC Reach New Peaks
Market Performance: The Hang Seng Index (HSI) fell by 21 points (0.1%) to 26,316, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also experienced slight declines.
Active Heavyweights: Notable stock movements included PING AN rising 3.2% to a new high, while XIAOMI dropped 2.5%. Other significant gainers included BABA and KUAISHOU-W, with increases of 2.3% and 9.7%, respectively.
Short Selling Trends: PING AN had a short selling ratio of 27.163%, while XIAOMI's was notably higher at 30.498%. Several stocks, including XPENG and PETROCHINA, faced significant short selling pressures.
Top Gainers and Losers: Among the top gainers were BRAINAURORA-B and MICROPORT NEU, with increases of 19.9% and 17.2%. Conversely, XPENG and CNOOC were among the biggest losers, declining by 4.5% and 3.5%, respectively.
Money Flow
Over the past 66 trading days, overall net money flow is -86.76M, with retail investors contributing -3.16M and major investors adding -30.84M.
Net Buy $ Volume
Net Sell $ Volume
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.
Goldman Sachs
Goldman Sachs
Sell
upgrade
$30 -> $33
2025-11-10
Reason
Goldman Sachs raised its target price for NCI from HKD30 to HKD33 and increased its net profit forecasts for 2025-27 due to a significant rise in the company's investment portfolio and book value in the last quarter. Despite these positive adjustments, the rating remains as "Sell," indicating that the analysts believe the stock may not be a good investment at the current price level.
Goldman Sachs
Sell
Price Target
$30 -> $33
2025-11-10
upgrade
Goldman Sachs raised its target price for NCI from HKD30 to HKD33 and increased its net profit forecasts for 2025-27 due to a significant rise in the company's investment portfolio and book value in the last quarter. Despite these positive adjustments, the rating remains as "Sell," indicating that the analysts believe the stock may not be a good investment at the current price level.
Goldman Sachs
Goldman Sachs
maintain
$64
2025-11-03
Reason
The article provides investment ratings and target prices for various Chinese insurance companies as assessed by Goldman Sachs. The reasons for the ratings are not explicitly stated in the provided text, but we can infer some potential reasoning based on the ratings and short selling data:
1. Buy Ratings (Ping An, CPIC, PICC P&C): These companies may have strong fundamentals, positive growth prospects, or favorable market conditions that justify a "Buy" rating. The relatively lower short selling ratios for CPIC and PICC P&C suggest that investors may have confidence in these stocks, indicating a belief in their potential for price appreciation.
2. Neutral Ratings (China Life, PICC Group): The neutral ratings could imply that these companies are expected to perform in line with the market or that there are mixed signals regarding their future performance. The higher short selling ratios for China Life and PICC Group may indicate some investor skepticism or uncertainty about their near-term prospects.
3. Sell Rating (NCI): The "Sell" rating for NCI, combined with a negative price movement and a relatively low short selling ratio, suggests that analysts may have concerns about the company's performance or market position, leading to a recommendation to sell.
Overall, the ratings likely reflect a combination of financial performance, market conditions, and investor sentiment as indicated by short selling activity.
Goldman Sachs
Price Target
$64
2025-11-03
maintain
The article provides investment ratings and target prices for various Chinese insurance companies as assessed by Goldman Sachs. The reasons for the ratings are not explicitly stated in the provided text, but we can infer some potential reasoning based on the ratings and short selling data:
1. Buy Ratings (Ping An, CPIC, PICC P&C): These companies may have strong fundamentals, positive growth prospects, or favorable market conditions that justify a "Buy" rating. The relatively lower short selling ratios for CPIC and PICC P&C suggest that investors may have confidence in these stocks, indicating a belief in their potential for price appreciation.
2. Neutral Ratings (China Life, PICC Group): The neutral ratings could imply that these companies are expected to perform in line with the market or that there are mixed signals regarding their future performance. The higher short selling ratios for China Life and PICC Group may indicate some investor skepticism or uncertainty about their near-term prospects.
3. Sell Rating (NCI): The "Sell" rating for NCI, combined with a negative price movement and a relatively low short selling ratio, suggests that analysts may have concerns about the company's performance or market position, leading to a recommendation to sell.
Overall, the ratings likely reflect a combination of financial performance, market conditions, and investor sentiment as indicated by short selling activity.
BofA Securities
BofA Securities
Underperform
maintain
$39
2025-10-31
Reason
The analyst rating for NCI (01336.HK) was reiterated at "Underperform" by BofA Securities due to the belief that NCI's valuation is relatively higher than its peers, despite a positive outlook on profit projections and investment income growth. The target price was raised by 2% to $39 based on an upward revision to investment income forecasts, but the overall rating reflects concerns about valuation compared to competitors.
BofA Securities
Underperform
Price Target
$39
2025-10-31
maintain
The analyst rating for NCI (01336.HK) was reiterated at "Underperform" by BofA Securities due to the belief that NCI's valuation is relatively higher than its peers, despite a positive outlook on profit projections and investment income growth. The target price was raised by 2% to $39 based on an upward revision to investment income forecasts, but the overall rating reflects concerns about valuation compared to competitors.
Citi Research
Hold
to
Buy
initiated
2025-10-16
Reason
Citi Research's analyst rating is based on the valuation differences between CHINA LIFE and NCI. They rated CHINA LIFE as a Buy due to its lower price-to-book (PB) ratio of 1x and strong sales momentum in the third quarter of 2025. In contrast, NCI was rated Neutral with a higher PB ratio of 1.6x, despite its positive profit alert indicating a significant expected growth in earnings. The analysts believe that the market may have overlooked CHINA LIFE's performance, leading to the recommendation to overweight CHINA LIFE and underweight NCI.
Citi Research
Hold
to
Buy
Price Target
2025-10-16
initiated
Citi Research's analyst rating is based on the valuation differences between CHINA LIFE and NCI. They rated CHINA LIFE as a Buy due to its lower price-to-book (PB) ratio of 1x and strong sales momentum in the third quarter of 2025. In contrast, NCI was rated Neutral with a higher PB ratio of 1.6x, despite its positive profit alert indicating a significant expected growth in earnings. The analysts believe that the market may have overlooked CHINA LIFE's performance, leading to the recommendation to overweight CHINA LIFE and underweight NCI.
UBS
UBS
Neutral
maintain
$52
2025-10-14
Reason
The analyst rating for NCI (01336.HK) is maintained at Neutral by UBS due to a positive profit alert indicating a significant increase in net profit after tax (NPAT) for 9M25, which is expected to be 45-65% higher year-over-year. However, UBS also notes that while they raised their FY2025 NPAT forecast by 58% based on this alert, they believe that this situation may not be sustainable, leading to minimal changes in subsequent earnings forecasts. Additionally, the target price was adjusted to $50.5 from $52 to reflect recent equity market corrections.
UBS
Neutral
Price Target
$52
2025-10-14
maintain
The analyst rating for NCI (01336.HK) is maintained at Neutral by UBS due to a positive profit alert indicating a significant increase in net profit after tax (NPAT) for 9M25, which is expected to be 45-65% higher year-over-year. However, UBS also notes that while they raised their FY2025 NPAT forecast by 58% based on this alert, they believe that this situation may not be sustainable, leading to minimal changes in subsequent earnings forecasts. Additionally, the target price was adjusted to $50.5 from $52 to reflect recent equity market corrections.
Morgan Stanley
Morgan Stanley
Underweight
maintain
$37.9
2025-10-14
Reason
The analyst rating from Morgan Stanley for NCI (01336.HK) is Underweight, despite the positive profit alert and strong expected growth in net profit. The reason for this rating appears to be based on the high valuation metrics, including an annualized return on equity projected at an extremely high level of 73-93%, which may indicate that the stock is overvalued relative to its growth prospects. Additionally, the target price of HKD 37.9 suggests that the analysts believe the stock may not have significant upside potential at its current price level, despite the anticipated strong performance.
Morgan Stanley
Underweight
Price Target
$37.9
2025-10-14
maintain
The analyst rating from Morgan Stanley for NCI (01336.HK) is Underweight, despite the positive profit alert and strong expected growth in net profit. The reason for this rating appears to be based on the high valuation metrics, including an annualized return on equity projected at an extremely high level of 73-93%, which may indicate that the stock is overvalued relative to its growth prospects. Additionally, the target price of HKD 37.9 suggests that the analysts believe the stock may not have significant upside potential at its current price level, despite the anticipated strong performance.
JPMorgan
JPMorgan
Overweight
to
Neutral
downgrade
$19 → $18
2025-10-13
Reason
The analyst rating for PICC P&C (02328.HK) and PICC GROUP (01339.HK) was downgraded from Overweight to Neutral by JPMorgan due to the belief that the non-life insurance underwriting cycle has peaked, resulting in limited further upside catalysts. The report suggests that investors should take profits now, as both companies have experienced significant share price increases over the past four years, outperforming the Hang Seng Index (HSI) during that period.
JPMorgan
Overweight
to
Neutral
Price Target
$19 → $18
2025-10-13
downgrade
The analyst rating for PICC P&C (02328.HK) and PICC GROUP (01339.HK) was downgraded from Overweight to Neutral by JPMorgan due to the belief that the non-life insurance underwriting cycle has peaked, resulting in limited further upside catalysts. The report suggests that investors should take profits now, as both companies have experienced significant share price increases over the past four years, outperforming the Hang Seng Index (HSI) during that period.
BofA Securities
BofA Securities
Neutral
to
Buy
upgrade
2025-10-09
Reason
The analyst rating from BofA Securities is based on the expectation that most Chinese insurers will report better-than-expected results for the first three quarters of 2025, despite current market expectations being relatively low. The firm forecasts solid profit growth for specific companies, including CPIC, NCI, and PICC P&C, with anticipated growth rates of 16-32%. Additionally, BofA upgraded the ratings for PICC P&C and PICC GROUP from Neutral to Buy, citing improved profit forecasts and increased target prices for these stocks. The positive outlook is further supported by CPIC's stable investment and sales performance, leading to a Buy rating and a target price of $40.4 for the company.
BofA Securities
Neutral
to
Buy
Price Target
2025-10-09
upgrade
The analyst rating from BofA Securities is based on the expectation that most Chinese insurers will report better-than-expected results for the first three quarters of 2025, despite current market expectations being relatively low. The firm forecasts solid profit growth for specific companies, including CPIC, NCI, and PICC P&C, with anticipated growth rates of 16-32%. Additionally, BofA upgraded the ratings for PICC P&C and PICC GROUP from Neutral to Buy, citing improved profit forecasts and increased target prices for these stocks. The positive outlook is further supported by CPIC's stable investment and sales performance, leading to a Buy rating and a target price of $40.4 for the company.
Valuation Metrics
Forward PE
5Y Average PE
8.33
Current PE
6.91
Overvalued PE
10.56
Undervalued PE
6.10
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
1.23
Current PS
0.00
Overvalued PS
2.33
Undervalued PS
0.14
Financials
Al Analysis
Annual
Quarterly
Trading Trends
Daily
Monthly
No data
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