[ET Net News Agency, 1 September 2020] Morgan Stanley raised its target price for PICC
Group (01339) to HK$4.3 from HK$2.9 and maintained its "overweight" rating.
The research house said PICC Group has laid out a detailed plan to transform itself into
a more competitive, high-quality operator, aiming to become China's Allianz over time. It
has initiated a wide range of reforms in its organizational structure, technology
infrastructure, capital allocation, distribution strategy, and even fundamental business
models to address growth, efficiency and profitability challenges that have faced the
company in the past.
Morgan thinks recovery in PICC P&C's underwriting profitability should be the most
important driver of its near-term earnings, and the research house expects its CoR
(Combined Ratio) to come down from the 2019 peak of 99% to 97% by 2022 - every 1ppt
improvement in CoR could increase P&C earnings by 15%, Morgan estimated. (KL)
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01339 PICC GROUP
Nominal 
2.510 0.000 (0.000%) Research Report
01/09/2020 15:48
{I-bank focus}Morgan raises PICC Group (01339) to HK$4.3
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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