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Research Report

09/04/2020 12:30

{I-bank focus}Morgan lowers PICC Group (01339) to HK$3

[ET Net News Agency, 9 April 2020] Morgan Stanley lowered its target price for PICC
Group (01339) to HK$3 from HK$3.6 but upgraded its rating to "overweight" from
Despite a recovering business trend and low rate sensitivity, the stock is still down
24% year-to-date, but showing defensiveness and outperforming peers by 3ppts, the research
house said.
Its VNB (value of new business) growth could be a positive 8% in 2020 after a strong 17%
underlying growth in 2019, tracking at highest CAGR growth in the recent two years,
amongst peers, Morgan said.
The company still has more headroom to expand its sales force and improve mix, which
could support a higher-than-peers' growth. Over the medium term, its quality
transformation could create significant shareholder value - implied Life & Health
capitalization is still negative. (KL)

Remark: Real time quote last updated: 13/08/2020 17:58
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