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02328 PICC P&C
RTNominal up5.390 +0.030 (+0.560%)
Research Report

27/07/2020 10:14

{I-bank focus}Daiwa cuts PICC P&C (02328) to HK$10; "buy"

[ET Net News Agency, 27 July 2020] Daiwa Research lowered its target price for PICC
Property and Casualty (02328) to HK$10 from HK$11.25 and maintained its "buy" rating.
The research house forecast underwriting profit growth of 30% and a combined ratio (CoR)
of 97% (down 60bps) for PICC P&C in 1H. Daiwa expects the company to report a decline in
net profit of 20% in 1H.
Going into 2H, it expects the deterioration in credit insurance to turn around and its
drag on CoR to be minimal as PICC P&C began tightening underwriting standards and reducing
its exposure to this area in 4Q 2019. (KL)

Remark: Real time quote last updated: 28/09/2020 17:59
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