Challenges abound
? On balance, we see FY21 results as slightly worse than our forecasts.
? FY21 NBV growth fell 23.3% yoy, worse than 9M21’s 19.6% yoy fall and
1H21’s 19% yoy fall.
? 4Q21 agents fell to 820,000, down 40% yoy (3Q21: -38% yoy) and down
16% qoq (3Q21: -15% qoq).
? Maintain Add rating; TP cut to HK$15 from HK$15.4 on lower FY22F-24F
NBV estimates. FY22-24F EPS remain unchanged.