Benefitting from China-US negative spread
- Manageable impact from the resurgence of pandemic. Improvement in agent productivity the key highlight
- Benefitting from China-US negative yield spread given higher fixed income asset allocation
- Lowering dividend payout to mitigate on C-ROSS 2 Phase II implementation a short-term impact
- Revise down FY22/23F earnings by 8% and lower VNB assumption to -18%/+6% y-o-y, factoring in FY21A. Trim TP to HK$30 on lower multiple