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DBS: Manulife – Buy Target Price HK$188.00 (Previous $198.00)

Posted on August 16, 2022August 16, 2022 By alanyeo No Comments on DBS: Manulife – Buy Target Price HK$188.00 (Previous $198.00)
Expect improving 2H outlook
  • 2Q22 results fall short of expectations, but look forward to improving 2H outlook 
  • VNB growth likely to see strong recovery in FY23F, driven by low base and Asia market demand recovery 
  • Strategic priorities continued to be on track, with manageable impact from IFRS 17 transition
  • Revise down FY22/23F earnings by 8%/9% and VNB growth to 0%/14% y-o-y. Rollover valuation base to FY23F on lower multiple; lower TP to HK$188. Maintain BUY 
Manulife_12-Aug-2022_HK_CU-resultsClick here to Download Full Report in PDF

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Research - Equities Tags:Manulife

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