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02328 PICC P&C
RTNominal up7.190 +0.220 (+3.156%)
Research Report

07/12/2020 15:04

{I-bank focus}Morgan lifts PICC P&C (02328) to HK$12

[ET Net News Agency, 7 December 2020] Morgan Stanley lifted its target price for PICC
Property & Casualty (02328) to HK$12 from HK$11 and maintained its "overweight" rating.
The research house said PICC P&C underperformed insurance peers in 2020 - down 31% due
to losses from credit insurance and uncertainty bought by auto reforms. Morgan believes
market concerns are overdone and profitability could remain fairly stable for the name in
Multiple has bottomed at 0.6x 2021 P/B versus an average of 1.6x P/B over the last 10
years and a re-rating is likely if the company can maintain its margin and dominance in
the auto insurance industry, Morgan noted. (KL)

Remark: Real time quote last updated: 12/04/2021 13:10
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