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Morgan lifts China Taiping (00966) to HK$33
Morgan Stanley lifted its target price for China
Taiping (CTIH)(00966) to HK$33 from HK$25, and maintained its "equal-weight" rating.
  The research house said the industry is making gradual changes to adapt a new operating
environment in 2018, demand for insurance remains intact and healthy. Valuation should 
continue to re-rate for solid names and Morgan maintained its "attractive" industry view.
  It noted that CTIH's fundamentals have seen steady improvement in the past few years,
while targeting an above industry growth. This helped lead to the second best share
performance under Morgan's coverage in 2017, up 83%, as investors looked for laggards in 
the space.
  Morgan said the company's valuation is now more in line with peers. Its management team
is currently in transition, with its future strategy appearing unclear, and the company
lacks brand and scale advantages in the local insurance market.

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