Model adjustment
? We cut our FY21-23F EPS by 0.6-5.6%, driven by lower forecast premiums.
? We now estimate FY21F new business value (NBV) fell 25.6% and for FY22F
NBV to fall 15.5% but rise by 7.1% in FY23F.
? Reiterate Add; GGM-based TP cut by 8% to HK$30.30 from HK$33.10 on
lower FY21-24F EPS, NBV and EV.