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02328 PICC P&C
RTNominal up6.270 +0.050 (+0.804%)
Research Report

31/03/2020 15:37

{I-bank focus}Nomura cuts PICC P&C (02328) to HK$10.17

[ET Net News Agency, 31 March 2020] Nomura cut its target price for PICC P&C (02328) to
HK$10.17 from HK$11.7 and maintained its "buy" rating.
The research house said PICC's 2019 net profit was 2% above Nomura's estimates, thanks
to a one-off tax refund and improving investment return. ROE was 15.6% versus 11.3% for
FY2018, due to strong net profit growth. Dividend per share was a positive surprise at
CNY0.46, up 69%, implying a payout ratio of 42% and a dividend yield of 7%.
Looking ahead, Nomura is concerned about the credit guarantee business, and the
worsening trend of underwriting profitability may continue into FY2020, on the back of the
increased asset quality challenges due to the COVID-19 outbreak. It cut its FY2020/21
earnings forecasts by 11%/3%. (KL)

Remark: Real time quote last updated: 10/08/2020 13:33
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