] Tong Yang Life Insurance
’s first-quarter earnings were weak, said NH Investment and Securities on May 19, maintaining a “hold” recommendation and 10,800 won (US$9.59) target price.
Besides a major one-off profit from sale of bonds worth 126.2 billion won, its net profit before tax in the period came in at 37.5 billion won, much lower than expected, said analyst Han Seung-heui.
Its net profit this year, however, will be a record high at 257 billion won as its loss from secured loans for imported meat is being concluded, estimated the analyst adding that a merger with Allianz Life Korea is still possible.
By Hwang You-mee (email@example.com