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Nomura cuts New China Life (01336) to HK$76.67

  Nomura lowered its target price for New China Life
(NCI)(01336) to HK$76.67 from HK$78.11, and reiterated its "buy/outperform" rating.
  The research house lowered its FY2017 NBV growth forecast by 7% due to the negative
impact from the tightening of regulations since 4Q 2017, but increased its FY2017 earnings
forecast by 3% given its strong financial performance.
  With the first two months of 2018 total premiums only growing by 3%, Nomura expects NBV
to grow 19% in FY2017. But it believes the premium growth would gradually stabilise from 
2Q 2018 as the company gradually shifts its focus to the protection business and 
increasing its agent team. 

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