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<Research>JPM Has Major Concerns over CN Insurers' Earnings & Div. Visibility Risks, Adjusts TPs; Top Pick PING AN
Recommend 48 Positive 84 Negative 38 |
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JPMorgan issued a research report expressing significant concerns about the risk of earnings and dividend visibility in China's insurance sector over the next 12 months. It is estimated that a 10% volatility in the A-share market would imply an average change of 47% in FY2025 net profit forecast. This suggests that the overall profit forecast may be at higher risk, implying a higher cost of capital for China's insurance sector. Therefore, JPMorgan lowered its target prices for all covered Chinese insurers by 7% on average, with its top pick being PING AN (02318.HK), with rating at Overweight, followed by PICC P&C (02328.HK), PICC GROUP (01339.HK), CPIC (02601.HK), CHINA LIFE (02628.HK) and NCI (01336.HK). JPMorgan's ratings and target prices for the H-shares of Chinese insurers are listed below: Stock｜ Rating｜ Target Price (HKD) PICC GROUP (01339.HK)｜Overweight｜4.7->5.4 PICC P&C (02328.HK)｜Overweight｜15->17 CHINA LIFE (02628.HK)｜Underweight｜10-〉9 CPIC (02601.HK)｜Neutral｜23-〉21 NCI (01336.HK)｜Underweight｜13->12 AAStocks Financial News |
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