Manulife: The Market Punished The Wrong Q1

Impact · against what's priced in

Manulife appears undervalued as a 6% sell-off occurred despite strong fundamentals in Asia. The growth in core earnings and NBV suggests the market is overreacting to a single line item, ignoring a valuation based on adjusted book value.

MFC+0.40

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In context

Asia core earnings grew 22% and NBV increased 15%, while the stock trades at 1.3x adjusted book value when accounting for C$25.6B of net CSM.

Read from the article alone

• earnings▲10%
• valuation
• MFC
• asia markets
• book value
• insurance

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