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<Research>UBS: PICC P&C (02328.HK) President Reportedly Under Investigation, Denting Shr Price
Recommend 2 Positive 4 Negative 3 |
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Chinese media reported that Yu Ze, a member of the Party Committee and Vice President of PICC GROUP (01339.HK), as well as the Party Secretary and President of PICC P&C (02328.HK), was recently suspected of being taken away for investigation, leading to a 5%/ 3% decline in the stock prices of PICC GROUP/ PICC P&C yesterday (1st), according to UBS' research report. During a recent investor event, the management of PICC P&C revealed that its comprehensive cost ratio is expected to improve YoY in 4Q25, although it will still be higher than the level in the same period in 2023, UBS added. Looking ahead to 2026, unless there is a significant increase in catastrophic losses, there is still potential for improvement in the comprehensive cost ratio. PICC GROUP and PICC P&C aim to provide a dividend payout ratio of no less than 30% and 40% under the old accounting standards, and achieve long-term growth in DPS. UBS currently estimated that PICC P&C's 2025 DPS will grow by 32% YoY to RMB0.71, with a dividend yield of 4.6%. Therefore, the broker currently rated PICC P&C at Buy, with a target price of $22.5. AASTOCKS Financial News Website: www.aastocks.com |
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