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【券商聚焦】交银国际升中国财险(02328)目标价24.2% 指投资收益带动盈利显著增长

[Brokerage Focus] Bocom Intl raises picc p&c (02328) target price by 24.2%, with investment income driving significant profit growth.

Golden Guard Financial News ·  Oct 31, 2024 02:03  · Ratings

Jinwu Financial News | bocom intl released a research report stating that picc p&c (02328) net income increased by 38% year-on-year in the first three quarters, in line with the company's previous performance forecast. The profit growth in the third quarter was mainly from investment income. The growth rate of premium and service income remains stable. The comprehensive cost ratio of auto insurance improved, while non-auto insurance recorded underwriting losses. Investment income saw significant growth, benefiting from policy expectations driving the significant recovery of the stock market by the end of the third quarter. Additionally, the company moderately increased its stock investments in the third quarter, leading to a significant increase in the fair value of stock investments.

The bank expects that there will be further policy measures to support the real economy and stabilize the capital markets in the future. The stock market is expected to continue the trend of valuation recovery, which will be bullish for the stock investment income of insurance companies.

The bank raised its investment income and profit forecasts, expecting a 31% year-on-year profit growth for the company in 2024, with the ROE expected to reach 13%. Based on a 1.1 times 2025 price-to-book ratio, the bank raised the target price from HK$12.0 to HK$14.9 and maintained a buy rating.

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