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02328 PICC P&C
RTNominal up7.170 +0.200 (+2.869%)
Research Report

11/12/2020 16:53

{I-bank focus}Citi cuts PICC P&C (02328) to HK$9.2

[ET Net News Agency, 11 December 2020] Citi Research cut its target price for PICC P&C
(02328) to HK$9.2 from HK$9.5 and reiterated its "buy" rating as its current valuations
and dividend yields look attractive.
The research house adjusted its 2020-22 EPS estimates downwards by -1%/-5%/-3%
respectively to reflect the short-term pricing pressure from the auto insurance
comprehensive reforms.
With auto insurance reforms deepening in 2021 and the top-3 players making efforts to
guard their market shares, Citi expects PICC P&C's top line to barely see any growth,
despite rapid development in non-auto insurance segments such as commercial property
insurance and liability insurance which relatively have lower underwriting profitability
than auto insurance. (KL)

Remark: Real time quote last updated: 12/04/2021 12:32
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