Bank of America Securities Raises PICC GROUP (01339) Target Price to HK$7 on Steady First-Half Growth, Reiterates "Neutral" Rating
Stock News
Aug 28
Bank of America Securities released a research report stating that PICC GROUP (01339) recorded a 14% year-over-year increase in net profit for the first half of the year. The company achieved stable premium growth, with its property and casualty insurance business growing 4% year-over-year, while the combined expense ratio improved to 94.8%. The life insurance segment's new business value surged 27% year-over-year to RMB 8.8 billion.
The bank has raised its earnings forecasts for PICC for 2025-2027 by 1% to 10%, reflecting higher investment income assumptions and improved expectations for property and casualty insurance revenue. Consequently, the firm increased the company's target price by 7%, from HK$6.6 to HK$7, while reiterating its "neutral" rating.
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