Tang Targets China Insurance at HK$3.5

Kenny Tang, associate director of Tung Tai Securities Ltd., recommended a buy on China Insurance International Holdings (0966), citing its better-than-expected 23.1 percent growth in interim net profit to HK$57.4 million. Its premium income also rose 17.4 percent during the six-month period. The acquisition of Tai Ping Life Insurance from its parent will help the group explore the high-growth insurance market in the mainland, he reckoned. Tang targets the stock at HK$3.5, with stop-loss below HK$3.1.

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