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Daiwa lifts China Taiping (00966) to HK$40
Daiwa Research lifted its target price for China
Taiping Insurance Holdings (00966) to HK$40 from HK$35, and maintained its "buy" rating.
  The research house sees near-term earnings and dividend upside for Taiping and believes
the market is overly concerned about lower-than-expected jumpstart sales growth so far.
  Daiwa said there could be an industry-wide moderation in agency headcount growth in
2018, Taiping still targets around 50% headcount expansion in 2018. Management is not
worried about a decline in its jumpstart sales because: (1) January's VNB contribution is
usually <10%, (2) it is seeing a higher quality of business, and (3) agent retention is
not a big issue for Taiping.

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