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1、DeutscheBankGroupMarketsResearchJapanIndustryDateLifeinsurancesector15November2017Financials/LifeInsuranceForecastChangeMasaoMuraki,CMALifeinsurers'1Hresults:Dai-ichiLifeResearchAnalyst(+81)35156-6701raisesguidance;reiterateBuymasao.muraki@db.com1HNPprogress:Dai
2、-ichiLife72%,T&DandJPI60%,SFH51%KeyChangesT&DandSFHannounced1Hresultson13November,andDai-ichiLifeandCompanyTargetPriceRatingJapanPostInsuranceon14November.NPprogresswas72%(1Q40%+2Q8795.T1,700.00to-32%)atDai-ichiLife,60%(28%+32%)atJapanPostInsurance,60%(26%+1,800
3、.00(JPY)33%)atT&D,and51%(30%+22%)atSFH(Figures1-3).Wehaveapositive7181.T2,700.00to-impressionofDai-ichiLife,whichraisedNPguidancefrom¥179bnto¥226bn2,650.00(JPY)asaresultofimprovementintheinvestmentenvironment.Wereiterateour8750.T2,250.00to-2,350.00(JPY)Buyrating
4、forDai-ichiLife.Inthisreport,wereviseourearningsforecastsforDai-ichiLife(Figure3).Wealsofine-tuneourtargetpricetoreflectourforecastSource:DeutscheSecuritiesInc.changesandEVtrendsatlifeinsurers(Figure43).CompaniesFeaturedおうReasonsforrevisionforDai-ichiLifeDai-ich
5、iLifeHoldings(8750.T),¥2,077BuyDai-ichiLife's1Hprofitgrew21%to¥128.4bn,reaching72%ofinitial2017A2018E2019Eguidanceof¥179bn.ThecompanyincreaseditsFY3/18NPguidanceby26%EPS(¥)197193181from¥179bnto¥226bn.Comparedwithinitialguidance,Dai-ichiLife'scoreP/E(x)8.210.711.
6、5profit(mainlyinvestmentincome)overshotby¥50bn.Foreignbondincome(yen-based)issettoovershootduetothestrongerEURandUSDandanT&DHoldings(8795.T),¥1,710Holdincreaseinitsholdings.Thefirmalsoraisedguidanceforinvestmenttrust2017A2018E2019Esurrendergains.T&DandSFHleftgui
7、danceunchanged.EPS(¥)118120124P/E(x)11.014.313.8ShareholderreturnsDai-ichiLife'sadjustedprofit,fromwhichthefirmfundsshareholderreturns,SonyFinancialHoldings(8729.T),¥1,778Holdwasraisedfromaround¥180bnto¥200bn.TheFY3/18payoutratiotargetis2017A2018E2019E40%,whichm
8、eansthepayoutbeliftedfrom¥72bnto¥80bn.ThefirmleftDPSEPS(¥)9699101intactat¥45(around¥53bn).IfDPSis¥45,sharebuybackstobeannouncedinP/E(x)16.217.917.7May2018wouldcometoa