[ET Net News Agency, 7 December 2018] Nomura lowered its target price for PICC Group
(01339) to HK$4.45 from HK$5.21 and maintained its "buy" rating.
The research house expects 4Q recovery with P&C net profit rising 46% thanks to a base
effect of tax issue after 3Q miss, due to a one-off commission buffer. It expects FY2018
earnings to drop 14% to CNY163mn.
Nomura expects that P&C underwriting profitability expected to stabilise for 2019 under
balanced regulations: It expects the combined ratio to stabilise at 98% for FY2019 (versus
its previous forecast of 97%), with a higher loss ratio (+0.7pp in FY2019) and lower
expense ratio (-1.0pp in FY2019), on the back of balanced regulations of pricing
deregulation and commission control. (KL)
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01339 PICC GROUP
Nominal 
2.610 +0.010 (+0.385%) Others
07/12/2018 11:02
[I-bank focus]Nomura lowers PICC Group (01339) to HK$4.45
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