Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
BofAS: PICC P&C (02328.HK) Valuation Attractive, Buy Rating with TP at HKD18.4
Recommend 7 Positive 7 Negative 6 |
||||
|
||||
|
BofAS issued a research report stating that PICC P&C (02328.HK) recorded net profit of RMB8.6 billion in the first quarter, down 24% YoY, mainly due to a YoY decline in investment income. Among which, realized investment income increased from RMB5 billion to RMB10.4 billion, but fair value losses widened from RMB0.4 billion to RMB8.6 billion. Underwriting profit during the period rose 7% YoY to RMB7.4 billion, benefiting from lower natural disaster losses and expenses. Management set a FY26 combined ratio target of 96% for auto insurance and below 100% for non-auto insurance, similar to last years targets. BofAS believes the targets are achievable under normal circumstances, with the main uncertainty stemming from natural disasters this year. Considering the attractive valuation, equivalent to a forecast FY26 price-to-book ratio of 0.9x and an expected dividend yield of 5.5%, the broker maintained its Buy rating on PICC P&C with a TP of HKD18.4. (ec/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
AASTOCKS Financial News |
||||
Copied to Clipboard
 |
||||
