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<Research>JPM Expects Mkt to Sharply Raise Earnings Forecasts for CN Insurers; Top Picks CHINA LIFE/ CPIC
Recommend 39 Positive 52 Negative 16 |
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JPMorgan released a report stating that CPIC (02601.HK), PICC GROUP (01339.HK) and PICC P&C (02328.HK) issued positive profit alerts after NCI (01336.HK) issued its own. This reflected that the net profit of Chinese insurers for 9M24 jumped up by 20%-115% YoY on higher investment returns, which was generally in line or beat the broker's expectations. Considering that the net profit of Chinese insurers for 1-3Q24 already accounted for 80-123% of the expected net profit for FY24, the broker expected the market to make significant adjustments to earnings forecasts. There will also be a short-term positive catalyst for stock prices before the 3Q results announcement at the end of October. The broker stated that the valuation of Chinese insurers was attractive, with an average dividend yield of 5%. Around this 3Q reporting season, the broker reiterated CHINA LIFE (02628.HK) and CPIC as its top picks with an Overweight rating and a TP of $22 and $36 respectively. Meanwhile, the broker is still waiting for a positive profit alert from CHINA LIFE. AAStocks Financial News |
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