[ET Net News Agency, 24 July 2020] Goldman Sachs lowered its target price for China
Pacific Insurance (CPIC)(02601) to HK$27.7 from HK$32 but upgraded its rating to "buy"
from "neutral" on attractive valuation & dividend yield.
The research house said CPIC is down 22% year-to-date, underperforming H-share insurers
(-16%), especially major peers China Life (02628)(-10%) and Ping An (02318)(-7%). Goldman
attributed the underperformance to the dilution impact from GDR (global depositary
receipts) issuance and weak new business sales in 1H.
With the GDR issuance now complete, Goldman believes the impact of weak new business
sales is mostly reflected in the share prices. It also raised its FY2020 net profit by
37%, reflecting higher investment gains. (KL)
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02601 CPIC
Nominal 
15.600 -0.140 (-0.889%) Research Report
24/07/2020 16:57
{I-bank focus}Goldman slashes CPIC (02601) to HK$27.7
| Remark: | Real time quote last updated: 19/04/2024 13:09 |
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