招银证券11月5日发布公告。Valuation/Key risks: The stock is trading at FY24E 0.3x P/EV and 0.8x P/BV, +1.9/2.2STD above the respective 3-yr historical avg. We expect more upside underpinned by improved book value and embedded value. We revise up FY24-26E EPS forecast by 148%/38%/31% to RMB4.45/2.58/2.61 (table) to factor in the 3Q investment outperformance and improved UW mix. Maintain BUY, and raise 12m-forward TP to HK$20.0 (prev. HK$15.5) implying FY24E 0.41x P/EV (prev. 0.3x) and 0.91x P/BV (prev. 0.81x). Key risks involve underperforming FY25 jumpstart sales; increased volatility in equity market; and prolonged low interest rate that will weigh on reinvestment yields.