China expansion intact
- 3Q23 VONB up 35% y-o-y, beating expectations
- Double-digit VONB y-o-y growth seen in HK, China, ASEAN, India
- China growth likely to reaccelerate with double-digit growth in active agent headcount, stable product mix
- Factoring in stronger-than-expected VONB growth, weaker investment sentiment, and rolling over to FY24F, maintain BUY with unchanged TP of HK$118
