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<Research>HTSC Lifts PICC GROUP (01339.HK) TP to $4.4 w/ Higher Earnings Forecasts
Recommend 5 Positive 9 Negative 5 |
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PICC GROUP (01339.HK) released last week an announcement on an estimated profit increase, expecting its 1-3Q net profit to surge by 65-85% YoY and its 1-3Q original premiums income to rise by 7.4% YoY on the steady growth in its insurance business, according to a report issued by Huatai Securities. In terms of investment business, the company's equity asset allocation ratio is relatively low. With the stock market thriving by the end of 3Q, the company's total investment income for 1-3Q spiked YoY, helping to drive net profit growth. Considering investment volatility factors, Huatai Securities raised its 2024-2026 EPS forecasts for PICC GROUP to RMB0.91/ RMB0.77/ RMB0.84. The broker lifted the TP from $4 to $4.4, with a Buy rating remaining in place. AAStocks Financial News |
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