Model adjustment
? We raise our FY21–23F EPS by 3-5.5%, driven by a higher investment asset
base and hence higher forecast investment income.
? We now assume NBV fell 23% in FY21F, to fall 14% in FY22F and rise by 5%
in FY23F.
? Maintain Add rating, TP increased slightly to HK$29.90 as we roll forward our
valuation; higher FY21F-23F EPS offsets lower FY21-23F NBV estimates