[ET Net News Agency, 5 September 2019] Citi Research lifted its target price for PICC
P&C (02328) to HK$10.5 from HK$9.7 and upgraded its rating to "buy" from "neutral".
The research house said the upgrade reflects the easing of negative NEP (net earned
premiums) impact from unearned premium reserve provision in 2H, market competition under
further regulatory strengthening and the strong presence in quality non-auto lines.
Citi tweaked its FY2019-21 earnings forecasts by 0.9-3.2%. It said PICC P&C is
well-positioned to take on the quality non-auto business lines, given the company's status
as a state-owned company and as the largest P&C insurer in the country. (KL)