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DBS: Maintains a "hold" rating on PICC Group, with the target price raised to HKD 4.3.
DBS released a research report stating that PICC Group (01339) doubled its new business value to 7 billion yuan in the first half of the year, mainly due to a significant improvement in the new business value profit margin, up 6 percentage points year-on-year to about 11%. The bank has raised its profit forecast for PICC by 40% and 20% for the next two years, maintaining its forecast for new business value, raising the target price from 3.1 Hong Kong dollars to 4.3 Hong Kong dollars, and maintaining a 'hold' rating. The bank expects that PICC's profit and intrinsic value will benefit from the strong performance of the A-share market, expecting continued strong growth in new business value in the second half of the year. The group's future new business value will further improve.
soochow: Maintaining a "buy" rating on picc p&c, investment returns performance improving quarter by quarter.
Soochow Securities released a research report stating that they maintain a "buy" rating on picc p&c (02328), with a projected net income attributable to the parent between 296, 323, and 345 billion yuan for 2024-26. It is seen as a cost-effective dividend symbol that can be both offensive and defensive. Investment income performance is improving each quarter, and the underwriting profit gap continues to narrow. The company announced its 9M24 performance forecast, expecting a year-on-year increase of approximately 20% to 40% in cumulative net income. Based on a net income growth rate of 30%, the corresponding net income for 3Q24 is estimated to reach 7.745 billion yuan (3Q23 net income: 0.153 billion yuan, a significant improvement year-on-year). The company's announcement is related to the financial results.
Hong Kong stock market morning report on October 15: US-listed china concept stocks generally fell, Huang Tianyou appointed as the Chairman of the Hong Kong Securities and Futures Commission.
1. Federal Reserve Board member Waller stated that interest rates may be cut earlier if inflation falls below 2%. 2. OPEC has lowered its oil demand growth forecast for the third consecutive month, leading to a more than 2% decline in international crude oil futures prices. 3. The newly appointed Chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, stated that he will foster a sustainable and active capital market. 4. The three major U.S. stock indexes all closed higher, while china concept stocks in the popular sector generally declined.
The five major listed insurance companies in China received a total of 1.95 trillion yuan in premiums in the first seven months, with a mixed growth rate in life insurance. Who is falling behind?
Five A-share listed insurance companies had a total premium income of 1.95 trillion yuan in the first seven months of this year, an increase of 3.49% year-on-year. The premium growth rates of three companies' property insurance businesses were all above 4%. The premium growth rate of life insurance business showed a differentiation, with a situation of three positives and two negatives, which is mainly related to the company's active optimization of business structure.
CMB International: The mid-year performance of insurance companies in 1H24 is expected to exceed expectations. It is recommended to buy China Pacific Insurance and PICC P&C.
CMB International released a research report maintaining an "outperform" rating on China's insurance sector and recommending buying China Pacific Insurance (02601) with a target price of HKD 24.8 and PICC P&C (02328) with a target price of HKD 11.9. The current valuation of the sector represents a potential value trap in high dividend strategies. The bank believes that as the results of the liability-side reform and transformation of insurance companies continue to show, the mid-year performance of insurers in 1H24 is expected to exceed expectations in terms of profitability, new business value, and underwriting cost ratio. CMB International's main viewpoints are as follows: The premium data for listed insurance companies in June shows that the growth momentum of life insurance premiums is better than last year under a high base.
Morgan Stanley expects that mainland insurance companies will pay out mid-term dividends, with ping an insurance and china life insurance being its top choices.
JPMorgan released a research report stating that PICC P&C (01339) and China Life Insurance (02328) announced the distribution of interim dividends this year. PICC P&C is a company directly owned by the Chinese government, with the Ministry of Finance holding 60.84% of its shares and the National Council for Social Security Fund owning 12.68% of its shares. The bank believes that China Life Insurance's similar approach is reasonable. The report pointed out that the faster-than-expected recovery of life insurance business, strengthened capital management policies and the recovery of product profit margins will offset the potential risk of bond interest rate decline, and is expected to act as a short-term catalyst for the distribution of midterm dividends by mainland insurance companies. Ping An Insurance's A-shares and H-shares (02318), as well as China Life Insurance (02628).
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