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02328 PICC P&C
RTNominal down6.310 -0.060 (-0.942%)
Research Report

30/10/2020 11:07

{I-bank focus}Credit Suisse trims PICC P&C (02328) to HK$6.2

[ET Net News Agency, 30 October 2020] Credit Suisse lowered its target price for PICC
P&C (02328) to HK$6.2 from HK$7.1 and maintained its "neutral" rating.
The research house said PICC P&C's CoR (combined ratio) was +0.5pp to 98.4% in 9-month,
a sequential uptick versus 1H (97.3%) in line with major peers. Auto premium growth
accelerated to +11% in 3Q, due to accelerated premium collection, but along with higher
commission expense in 3Q.
Looking ahead, Credit Suisse expects auto momentum to trend down (+1.3% in 2020,
followed by a 17.5% decline in 2021). Credit Suisse cut its 2021-22 EPS forecasts by
11%/2% to reflect headwinds of full pricing liberalisation for auto insurance. (KL)

Remark: Real time quote last updated: 21/01/2021 13:29
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