[ET Net News Agency, 31 July 2019] Citi Research raised its target price for PICC P&C
(02328) to HK$9.7 from HK$9 and maintained its "neutral" rating.
PICC P&C issued a positive profit alert for 1H and expected earnings to jump 30%-50% to
Rmb15.7bn to Rmb18.1bn in the period. While PICC has no further information on one-off
items, the research house estimated that the company's recurring net profit rose 6%-26% in
1H.
As earnings and ROE are more relevant to the valuation of P&C companies, Citi believes
market reaction on the profit alert will be positive. Citi revised up its 2019-21 net
profit estimates by 20% to 2% to reflect the earnings surprise. (KL)
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02328 PICC P&C
Nominal 
9.940 -0.300 (-2.930%) Research Report
31/07/2019 13:53
{I-bank focus}Citi raises PICC P&C (02328) to HK$9.7
| Remark: | Real time quote last updated: 19/04/2024 10:58 |
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