[ET Net News Agency, 5 September 2019] Citi Research maintained its target price for
PICC Group (01339) unchanged at HK$3.8 but upgraded its rating to "buy" from "neutral".
The research house said the upgrade reflects (1) substantial life business turnaround,
and (2) enhancing dividend policy and information disclosure, on top of 69% stake in PICC
P&C (02328). Citi also tweaked FY2019-21 earnings by 0.4-2.7% to reflect 1H results.
Citi said PICC Group recorded a notable improvement in life business in 1H. Life NBV
grew strongly by 26% to Rmb3.9bn, driven by the NB margin on FYP expansion.
PICC Group intended to raise dividend payout ratio gradually from FY2018's 16% to
eventually a similar level as listed state-owned banks (30%) over years, and it will also
take this year's one-off tax rebate into consideration. (KL)
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01339 PICC GROUP
Nominal 
2.610 +0.010 (+0.385%) Others
05/09/2019 12:21
{I-bank focus}Citi upgrades PICC Group (01339) to "buy
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