[ET Net News Agency, 5 November 2020] Morgan Stanley lowered its target price for PICC
Group (01339) to HK$4 from HK$4.3 and maintained its "overweight" rating.
The research house cut our earnings forecasts by 2%-9% for 2020-22 to incorporate the
negative auto deregulation impact on the P&C unit. Morgan lifted its Life earnings
forecasts by 3%-13% for 2020-22 to incorporate stronger-than-expected earnings results in
3Q, which was likely driven by strong investment performance.
Morgan cut its VNB forecasts by 5% for 2020-22 to incorporate the slowdown in new sales
in the Life unit from 3Q. It noted that PICC Group is shifting away from low-margin
bancassurance and rebuilding its agency business. It still has more headroom to expand its
sales force and improve the mix, which could support higher-than-peers' growth. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01339 PICC GROUP
Nominal 
2.510 0.000 (0.000%) Others
05/11/2020 17:47
{I-bank focus}Morgan lowers PICC Group (01339) to HK$4
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |