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<Research>UBS Raises PICC P&C's TP to HKD20.7; 1H Results Beat
Recommend 4 Positive 7 Negative 5 |
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PICC P&C (02328.HK)'s 1H25 results beat market expectations, UBS wrote in its research report. The broker attributed the growth in net profit after tax to a surge of 45%/ 27% YoY in underwriting profit/ total investment income. UBS raised its 2025 net asset value and post-tax profit forecasts for PICC P&C by 4% and 6% respectively to reflect the better-than-expected combined cost ratio and brighter market sentiment. The broker also increased the valuation multiple to reflect a more favorable macro backdrop and policy tailwinds. PICC P&C's target price was lifted from HKD18.7 to HKD20.7, alongside a Buy rating. AAStocks Financial News |
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