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<Research>M Stanley Tweaks Down PICC P&C's TP to HKD20.5; Non-Auto Insurance & Investment Slightly Miss
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Morgan Stanley has issued a research report updating its risk-reward model for PICC P&C (02328.HK), given that the company's 2025 results were broadly in line with expectations. However, the report highlighted that PICC P&C's non-auto insurance combined ratio (CoR) exceeded 100%, and the 4Q25 investment performance was slightly worse than expected. Believing that PICC P&C's new management team may place greater emphasis on the combined ratio and shareholder returns, Morgan Stanley has lowered its target price for the company by 1% from HKD20.7 to HKD20.5 but kept the Overweight rating unchanged. Auto-translated by AI AASTOCKS Financial News |
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