[ET Net News Agency, 24 December 2020] BOCOM Research lifted its target price for China
Pacific Insurance (CPIC) (02601) to HK$36 from HK$30 and maintained its "buy" rating.
The research house said CPIC's regular FYP (first year premium) has dropped
substantially in 2020, but it posted a strong jump-start sale. BOCOM expects its FYP
growth and NBV (new business value) growth to beat peers in 1Q 2021.
As the company started new recruitment in 4Q, the monthly average number of agents has
returned to that in 1H. CPIC's P&C insurance focuses on business quality with balanced
growth drivers. BOCOM noted that its P&C insurance premium growth surpassed those of PICC
(02328) and Ping An (02318) in 2019 and 11-month 2020.
BOCOM expects CPIC's NBV to decrease by 26% in 2020, followed by a return to 10%
growth in 2021-22. (KL)
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02601 CPIC
Nominal 
17.140 +0.560 (+3.378%) Research Report
24/12/2020 09:27
{I-bank focus}BOCOM lifts CPIC (02601) to HK$36; "buy"
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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