[ET Net News Agency, 5 October 2018] Nomura lowered its target price for China Re
(01508) to HK$1.83 from HK$2.04, and maintained its "buy" rating.
The research house cut its FY2018 earnings by 18% due to weak 1H earnings and accounting
for RMB depreciation. Nomura expects P&C direct business earnings to be down 35% for
FY2018, dragged down by income tax issues, with the P&C direct combined ratio stabilising
to 100.0% in FY2018-20.
It expects P&C Re profit to rebound in 2H, given: (1) the impact of the Solvency II on
top-line growth is now behind us, & (2) the low base of FY2017 underwriting profitability
with a combined ratio of 103.1%. (KL)
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01508 CHINA RE
Nominal 
0.550 +0.010 (+1.852%) Others
05/10/2018 14:25
[I-bank focus]Nomura lowers China Re (01508) to HK$1.83
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