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<Research>DBS Lifts PICC P&C's TP to HKD19; Rating Kept Hold
Recommend 3 Positive 7 Negative 0 |
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PICC P&C (02328.HK)'s 1H25 consolidated cost ratio improved further to 94.8% thanks to a 2.2 ppt increase in the auto insurance cost ratio, beating expectations, according to a report by DBS Group Research. Driven by enhanced underwriting profits and solid growth in investment income, the company's net profit for the period leaped by 32.3% to RMB24.5 billion. Its book value also increased by 8% compared to 2H24 on the back of an 11% rise in financial assets and a favorable stock market performance. DBS Group Research raised its target price for PICC P&C from HKD15.4 to HKD19 but kept the Hold rating unchanged, as its valuation was still high. AAStocks Financial News |
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