AMP's New Bull Gets More Confident on China Pensions
Dow Jones
Sep 23
0440 GMT - AMP gets a new bull at Macquarie on analysts' greater confidence in its exposure to China's pension market. Raising their recommendation to buy from neutral, the investment bank's analysts tell clients in a note that they have worked to better understand the market and China Life Pension Company, in which AMP holds a 20% stake. Working from what they acknowledge can be limited provincial data, they think that CLPC recently held about 30% of China's pension contributions from occupational, workplace or employer-sponsored schemes. They also point out that minority deals in the sector imply that AMP's stake could be worth double its book value. Macquarie raises its target price by 28% to 2.92 Australian dollars. Shares are up 2.8% at A$2.61.
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