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RTNominal up3.290 +0.010 (+0.305%)

05/11/2019 10:39

{I-bank focus}Daiwa lifts PICC Group (01339) to HK$4.6

[ET Net News Agency, 5 November 2019] Daiwa Research lifted its target price for PICC
Group (01339) to HK$4.6 from HK$4.4 and maintained its "buy" rating.
The research house said PICC Group has laid out a clear vision for "business value
creation" through its major subsidiaries and "strategic value creation" through
technology, services, and synergies.
Management emphasised that the Combined Ratio (CoR) is the key focus of its P&C business
and targets to achieve a CoR for its commercial businesses of 95% in the medium term
(2019: 97.5%). Besides, its premium mix will feature a larger non-auto premium
contribution to rise to around 60% in the medium term from 43% for 9-month 2019 to
diversify current concentration risk on auto insurance. Management sees PICC P&C as the
cornerstone of PICC Group's market cap.
Daiwa lifted its 2019-21 net profit forecasts by 2-4% on better profitability. (KL)

Remark: Real time quote last updated: 17/01/2020 17:59
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