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02601 CPIC
RTNominal up25.750 +0.300 (+1.179%)
Research Report

05/11/2019 09:55

{I-bank focus}HSBC downgrades CPIC (02601) to "hold" & HK$31

[ET Net News Agency, 5 November 2019] HSBC Global Research lowered its target price for
China Pacific (CPIC)(02601) to HK$31 from HK$38 and downgraded its rating to "hold" from
"buy".
The research house said CPIC has a relatively strong balance sheet with C-ROSS solvency
ratios of core 290%/comprehensive 296% and low debt leverage. HSBC expects it to deliver
1% p.a. new business value decline over 2018-21, while there is an opportunity to develop
its residual margin disclosure to improve earnings visibility, given life accounts for 70%
of group PBT (profit before tax).
Although HSBC expects the P&C combined ratio to remain close to 99%, given pressure from
motor reform, its non-life accounts for only 30% of PBT. CPIC offers the highest dividend
payout and yield among China life insurers. (KL)

Remark: Real time quote last updated: 21/10/2020 17:59
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