Goldman Sachs lifted its target price for PICC Group (01339) to HK$4.1 from HK$4 and maintained its "buy" rating.
Amid the market concerns of lower bond yield going forward, the research house believes P&C insurers offer more resilient growth profile and stable profitability. Furthermore, the profit structure of the industry is well-established, given the top two largest P&C insurers, PICC P&C (02328) and Ping An P&C, have a combined market share of 54% by premium (FY2018) and the most efficient operating platforms.
Goldman raised its FY2019-21 NBV forecasts by 9%/12%/12%, mainly reflecting the better 1H growth. It also lifted its FY2019/20/21 EPS estimate by 23%/18%/16%.
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