Lyon raised picc p&c's full-year profit forecast for 2024 by 18%.
According to the Wisdom Finance APP, Lyon released a research report stating that it maintains a "outperform" rating for picc p&c (02328), raising its full-year profit forecast for 2024 by 18%, while keeping the forecast for 2025 to 2026 basically unchanged. This adjustment is mainly driven by investment income, offsetting the decrease in underwriting profits. The target price has been raised from HK$13.5 to HK$15.2.
The report mentioned that picc p&c had mixed performance in the third quarter of this year. The net income for the period was 9.3 billion yuan, at the upper limit of profit expectations, mainly driven by the increase in investment income due to the rise of Hong Kong and A shares at the end of September. However, compared to that, the underwriting business of the p&c insurance in the third quarter performed relatively poorly, with a combined ratio (COR) of 100.7%, slightly worse than last year.
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