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<Research>JPM Foresees CN Insurers' Interim Div. to Become ST Catalyst; Top Picks Ping An, China Life
Recommend 35 Positive 64 Negative 29 |
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PICC GROUP (01339.HK) and PICC P&C (02328.HK) declared interim dividends for this year, JP Morgan said. PICC GROUP is directly owned by the Chinese government, with the Ministry of Finance taking a 60.84% stake and the National Council for Social Security Fund taking 12.68%. As such, it seems reasonable to JP Morgan to expect CHINA LIFE (02628.HK) to take a similar step. The broker said faster-than-expected recovery in the life insurance, strengthened capital management policies and recovering product margins will offset the potential risk of falling debt rates. The broker expected interim dividends to be a short-term catalyst for the Chinese insurers. Ping An A and H shares (02318.HK) and China Life H shares (02628.HK) are the top picks among the broker’s Overweight-rated Chinese insurers. The broker estimated that the average dividend yield of Hong Kong-listed Chinese insurers will reach 6.4% this year. That said, except for Ping An, no insurer has given detailed guidance about three-year future shareholder returns, which could be potential upside risk around interim results. AAStocks Financial News |
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