Goldman Sachs maintained its target price for China Pacific Insurance (CPIC)(02601) at HK$36.05 unchanged but downgraded its rating to "sell" from "neutral" on the relatively less attractive upside.
The research house said CPIC is up 29% year-to-date, outperforming H-share peers (12%) and the HSCEI index (4%). While CPIC has maintained a 50% payout ratio since 2015, Goldman believes this is unlikely to continue in FY2019, especially after the company noted that it would consider linking the dividend payment with operating profit.
Goldman lowered its FY2019-21 NBV estimates for CPIC slightly, by 2-3%.
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