Model adjustment
? We marginally raise our FY21F-23F EPS forecasts by 0.8%–5.9%.
? We now forecast combined ratios rose from 98.9% in FY20 to 99.2% in
FY21F, and will rise to 99.7% for FY22F and 99.9% in FY23F.
? Maintain an Add rating. TP raised slightly to HK$10 as we roll forward our
valuation and apply our target P/BV multiple to FY22F BVPS.