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Analysts' Top Financial Picks: China Pacific Insurance (Group) Co (CHPXF), BOC Hong Kong (Holdings) (BNKHF)
Economic observation of the first quarter | The insurance market is experiencing a "chilly spring": sales are cooling down and dividend insurance awaits a "breakthrough".
①In the first quarter, premium income has "cooled off". On one hand, this is influenced by the "high base" from the previous hot sales of savings insurance, and on the other hand, it is related to the regulatory restrictions on the maximum predetermined interest rates and the "one document for filing" policy. ②Against the backdrop of low interest rates, participating insurance products have certain competitive advantages, but for clients to truly trust and accept them, it requires guidance from high-quality agents and the accumulation of time.
Here's Why China Pacific Insurance (Group) (SHSE:601601) Has Caught The Eye Of Investors
BOCOM INTL: Maintain China Pacific Insurance (02601) "Buy" rating with a Target Price of 32 Hong Kong dollars.
In 2024, the group's net income attributable to the parent company increased by 64.9% year-on-year, in line with the performance forecast growth range.
Directly addressing the China Pacific Insurance Earnings Conference: The management of liability costs and investment pressure continues to increase. By 2025, there will be an increase in allocation to long-term interest rate bonds without over-concentrat
① Continue to strengthen the allocation of long-term interest rate bonds to effectively extend the duration of Fixed Income Assets; ② Actively and effectively increase the allocation of equity assets and alternative investments such as unlisted equities; ③ High dividend stocks in Hong Kong are very attractive, and there will not be excessive stakes in a single Industry.
Research Reports: Huachuang Securities maintains a "Recommended" rating for China Pacific Insurance, with a Target Price of 45.5 yuan.
Huachuang Securities Research Reports indicate that China Pacific Insurance (601601.SH) will achieve a Net income of 45 billion yuan in 2024, a year-on-year increase of 64.9%; the operating profit attributable to the parent company is 34.4 billion yuan, with a year-on-year increase of 2.5%. By the end of 2024, there will be 0.188 million insurance marketers, an increase of 2.7% from the end of the first half of the year, marking the first stable recovery of scale. The average monthly core manpower is 0.053 million, a year-on-year growth of 10.4% on a comparable basis, while both per capita productivity and per capita income have steadily increased, accelerating the results of the agent reform. It is expected that traditional insurance will still dominate overall new policies in 2024, locking in traditional insurance under the backdrop of accelerating interest rate decline.
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