The investment bank also reduced its forecast of China Life's earni ngs per share in 2008 and 2009 by 18 percent and 13 percent to 0.85 yu an and 1.12 yuan, respectively, to reflect decrease of interest rates for deposits and bonds in Chinese mainland, for which it adjusted down its forecast of China Life's return on investment ratio (ROI) from 5. 5 percent to 5 percent.
But the broker believed that China Life is a defensive stock among Chinese insurance stocks with ample capital to develop life insurance services. Enditem

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