Overhang should gradually subside
- Increase in agent premium productivity a positive note
- Increased asset allocation to bond investment a testament toward a more prudent investment strategy
- Share price overhang due to former chairman’s misconduct should gradually subside following management’s clarification
- Factoring in FY21A, revise down FY22/23F earnings by 11%/9% and VNB assumption to -14%/+9% y-o-y. Trim TP to HK$14.50 on lower multiple