NEW CHINA LIFE INSURANCE COMPANY LTD. Financials New China Life Insurance Company Ltd.
Equities
601336
CNE1000019Y0
Life & Health Insurance
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 31.01 CNY | +2.04% |
|
+3.54% | -0.39% |
| Apr. 16 | New China Life Insurance Logs Over 57 Billion Yuan in Q1 Premium Income | MT |
| Mar. 29 | New China Life Insurance's 2023 Profit Slips 11% as Revenue Plunges 65.5% | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 133,467 | 147,233 | 98,647 | 80,201 | 79,206 | 78,798 | - | - |
| Enterprise Value (EV) 1 | 189,892 | 186,119 | 148,603 | 116,232 | 79,206 | 48,046 | 51,038 | 78,798 |
| P/E ratio | 10.5 x | 12.7 x | 8.12 x | 9.58 x | 11.2 x | 8.11 x | 7.06 x | 6.66 x |
| Yield | 2.87% | 2.4% | 3.7% | 3.59% | 2.73% | 3.71% | 4.37% | 4.13% |
| Capitalization / Revenue | 0.76 x | 0.71 x | 0.45 x | 0.38 x | 1.1 x | 0.34 x | 0.35 x | 0.47 x |
| EV / Revenue | 1.09 x | 0.9 x | 0.68 x | 0.55 x | 1.1 x | 0.21 x | 0.22 x | 0.47 x |
| EV / EBITDA | - | - | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 1.82 x | 1.78 x | 1.12 x | 0.91 x | 0.92 x | 0.83 x | 0.77 x | 0.81 x |
| Nbr of stocks (in thousands) | 3,119,547 | 3,119,547 | 3,119,547 | 3,119,547 | 3,119,547 | 3,119,547 | - | - |
| Reference price 2 | 49.15 | 57.97 | 38.88 | 30.08 | 31.13 | 31.01 | 31.01 | 31.01 |
| Announcement Date | 3/25/20 | 3/24/21 | 3/29/22 | 3/30/23 | 3/27/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 174,566 | 206,538 | 220,027 | 209,481 | 72,254 | 230,669 | 227,897 | 166,621 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT 1 | 13,286 | 15,577 | 16,125 | 7,696 | 8,240 | 10,373 | 13,352 | 15,048 |
| Operating Margin | 7.61% | 7.54% | 7.33% | 3.67% | 11.4% | 4.5% | 5.86% | 9.03% |
| Earnings before Tax (EBT) 1 | 13,221 | 15,491 | 15,670 | 6,507 | 5,515 | 10,352 | 15,570 | 13,778 |
| Net income 1 | 14,559 | 14,294 | 14,947 | 9,822 | 8,712 | 11,974 | 13,946 | 13,273 |
| Net margin | 8.34% | 6.92% | 6.79% | 4.69% | 12.06% | 5.19% | 6.12% | 7.97% |
| EPS 2 | 4.670 | 4.580 | 4.790 | 3.140 | 2.790 | 3.825 | 4.393 | 4.655 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 1.410 | 1.390 | 1.440 | 1.080 | 0.8500 | 1.150 | 1.354 | 1.280 |
| Announcement Date | 3/25/20 | 3/24/21 | 3/29/22 | 3/30/23 | 3/27/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 84,334 | 118,660 | 87,878 | 132,075 | - | - | - | 74,963 | - | - | 38,303 | - | 29,005 | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | 12,208 | 1,029 | - | 3,917 | - | - | 4,969 | - | 2,727 | - | - | 11,486 | - | - | - | - | 7,608 | - | - | 6,226 | 7,730 | 6,434 |
| Operating Margin | - | - | - | 9.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | 12,086 | - | - | - | - | 3,890 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | 8,218 | - | 10,546 | 1,408 | - | - | 1,344 | 3,843 | 5,187 | 4,632 | - | 6,917 | 3,061 | 9,978 | -436 | - | - | - | - | - | - | - | - | - |
| Net margin | - | 6.93% | - | 7.98% | - | - | - | 1.79% | - | - | 12.09% | - | 23.85% | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 1 | - | - | - | - | 0.4500 | 0.9600 | - | 0.4300 | 1.230 | - | - | - | - | 0.9800 | - | -0.1400 | -0.2700 | 1.310 | 1.010 | - | 0.8100 | 0.9000 | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/25/20 | 8/25/20 | 3/24/21 | 8/26/21 | 10/28/21 | 3/29/22 | 3/29/22 | 4/28/22 | 8/30/22 | 8/30/22 | 3/30/23 | 3/30/23 | 4/27/23 | 8/29/23 | 8/29/23 | 10/27/23 | 3/27/24 | - | - | - | - | - | - | - | - |
1CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 56,425 | 38,886 | 49,956 | 36,031 | - | - | - | - |
| Net Cash position 1 | - | - | - | - | - | 30,753 | 27,760 | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 19.4% | 15.4% | 14.2% | 9.29% | 7.94% | 10.3% | 11.6% | 11% |
| ROA (Net income/ Total Assets) | 1.81% | 1.52% | 1.4% | 0.82% | 0.67% | 0.71% | 0.84% | 0.79% |
| Assets 1 | 806,459 | 941,634 | 1,066,044 | 1,191,412 | 1,309,091 | 1,675,891 | 1,656,754 | 1,682,201 |
| Book Value Per Share 2 | 27.10 | 32.60 | 34.80 | 33.00 | 33.70 | 37.50 | 40.40 | 38.10 |
| Cash Flow per Share | - | - | 23.70 | 28.70 | - | - | - | - |
| Capex 1 | - | 3,035 | - | - | 2,090 | 5,260 | 5,656 | 6,084 |
| Capex / Sales | - | 1.47% | - | - | 2.89% | 2.28% | 2.48% | 3.65% |
| Announcement Date | 3/25/20 | 3/24/21 | 3/29/22 | 3/30/23 | 3/27/24 | - | - | - |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
31.01
CNY
Average target price
30.67
CNY
Spread / Average Target
-1.09%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -0.39% | 10.87B | |
| +6.49% | 50.92B | |
| +1.35% | 48.11B | |
| +9.53% | 42.2B | |
| +6.55% | 39.71B | |
| +19.34% | 37.78B | |
| +2.84% | 30.07B | |
| -7.77% | 27.56B | |
| -18.42% | 24.71B | |
| +6.89% | 21.99B |
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- Financials New China Life Insurance Company Ltd.
