BOFA Securities commented in a research report on August 29th that the performance of the People's Insurance in the first half of this year has shown stable growth, and has distributed mid-term dividends for the first time. The bank predicts that the dividend payout ratio of the People's Insurance in fiscal year 2024 will stabilize at 30%, and the growth of dividends per share will align with profit growth. Given the high investment income assumptions and expected property insurance income in fiscal year 2024, the bank has raised its profit forecast for fiscal year 2024 by 30%, and raised its profit forecast for fiscal years 2025 to 2026 by 1% to 2%. At the same time, the target price for its H-shares has been raised from HKD 3.6 to HKD 3.7, and the "buy" rating has been reiterated. The bank also pointed out that as the risk of catastrophic losses gradually decreases, the People's Insurance will be able to control its comprehensive cost ratio of auto insurance below 97% and its non-auto insurance comprehensive cost ratio below 100%.
大行评级｜美银：上调中国人保目标价至3.7港元 重申“买入”评级
Big Bank Rating | Bank of America: Raises the target price of the People's Insurance to 3.7 Hong Kong dollars, reiterates a "buy" rating.
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