Zhi Tong Cai Jing·2025-09-22 09:28Core Viewpoint - Morgan Stanley has updated its financial model for China Life Insurance (601628)(02628) in light of its expected performance in the first half of 2025, indicating a positive outlook due to stock market gains and steady sales growth [1] Financial Performance - The earnings per share (EPS) forecasts for China Life for 2025 to 2027 have been raised by 13.1%, 1%, and 1.9% respectively, reflecting the anticipated benefits from the stock market [1] - The new business value is expected to grow by 6.6%, 8.1%, and 8.5% for the respective years, indicating an improvement in profit margins [1] Valuation Adjustments - The adjustments to the embedded value and book value are kept within 1%, suggesting a stable valuation outlook [1] - The target price for China Life has been increased by 2.8% from HKD 25 to HKD 25.7, maintaining an "overweight" rating [1]