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4.0

01-27aastocks

CICC Ratings and Target Prices for Chinese Insurers (Table)

4.0

01-20aastocks

Citi's Ratings and Target Prices for Chinese Insurers (Table)

6.5

01-19aastocks

Citi Favors CHINA LIFE and PING AN for Chinese Insurers, and PICC P&C for Property Insurance

6.0

01-19aastocks

G Sachs: PICC GROUP Seeks Long-Term Sustainable Dividend Growth for Shareholders

4.5

01-19aastocks

CICC Identifies Possible 'Blue Chip' Stocks for HSI Semi-Annual Adjustment Predictions (Table)

Money Flow

Over the past 66 trading days, overall net money flow is -106.00M, with retail investors contributing -43.00M and major investors adding -61.00M.

Net Buy $ Volume

Net Sell $ Volume

CICC

maintain

2025-11-10

Reason

The analyst rating for PICC P&C (02328.HK) was kept as "Outperform" due to several positive factors highlighted in the CICC research report. The company reported significant increases in net profits for 3Q25 and the first three quarters of 2025, which met market expectations. Additionally, the growth in net assets and the promising outlook for overseas business expansion were emphasized. CICC noted that PICC GROUP's strategic planning for serving Chinese enterprises abroad could lead to substantial contributions to incremental premiums, projecting that 30% of these premiums over the next five years will come from overseas. As a result, the broker raised its earnings per share forecasts and lifted the target price by 23%, indicating confidence in the company's future performance.

CICC

Price Target

2025-11-10

maintain

The analyst rating for PICC P&C (02328.HK) was kept as "Outperform" due to several positive factors highlighted in the CICC research report. The company reported significant increases in net profits for 3Q25 and the first three quarters of 2025, which met market expectations. Additionally, the growth in net assets and the promising outlook for overseas business expansion were emphasized. CICC noted that PICC GROUP's strategic planning for serving Chinese enterprises abroad could lead to substantial contributions to incremental premiums, projecting that 30% of these premiums over the next five years will come from overseas. As a result, the broker raised its earnings per share forecasts and lifted the target price by 23%, indicating confidence in the company's future performance.

CMBI

Buy

maintain

2025-11-05

Reason

The analyst rating for PICC P&C (02328.HK) was maintained at "Buy" by CMBI due to the company's strong third-quarter results, which showed a 91.5% year-over-year increase in net profit to RMB15.8 billion. This performance contributed to a 50.5% year-to-date increase in net profit to RMB40.3 billion, driven by improved underwriting profits and significant growth in investment income. Additionally, CMBI raised its target price from $21.6 to $23.6, reflecting a positive outlook based on the company's financial performance.

CMBI

Buy

Price Target

2025-11-05

maintain

The analyst rating for PICC P&C (02328.HK) was maintained at "Buy" by CMBI due to the company's strong third-quarter results, which showed a 91.5% year-over-year increase in net profit to RMB15.8 billion. This performance contributed to a 50.5% year-to-date increase in net profit to RMB40.3 billion, driven by improved underwriting profits and significant growth in investment income. Additionally, CMBI raised its target price from $21.6 to $23.6, reflecting a positive outlook based on the company's financial performance.

BofA Securities

Buy

maintain

2025-10-31

Reason

The analyst rating for PICC P&C (02328.HK) was reiterated as a Buy by BofA Securities due to a strong net profit of RMB40.3 billion in 9M25, which marked a 51% year-over-year increase and exceeded expectations. Despite facing typhoon-induced catastrophic losses that led to a decline in underwriting profits, the company showed strong investment income in 3Q24. Additionally, BofA Securities raised the company's earnings forecasts for 2025 by 6% and for 2026-27 by 1-2%, which contributed to an increase in the target price from HKD20.3 to HKD20.9.

BofA Securities

Buy

Price Target

2025-10-31

maintain

The analyst rating for PICC P&C (02328.HK) was reiterated as a Buy by BofA Securities due to a strong net profit of RMB40.3 billion in 9M25, which marked a 51% year-over-year increase and exceeded expectations. Despite facing typhoon-induced catastrophic losses that led to a decline in underwriting profits, the company showed strong investment income in 3Q24. Additionally, BofA Securities raised the company's earnings forecasts for 2025 by 6% and for 2026-27 by 1-2%, which contributed to an increase in the target price from HKD20.3 to HKD20.9.

BofA Securities

upgrade

2025-10-31

Reason

The analyst rating for PICC P&C (02328.HK) was reaffirmed as a Buy by BofA Securities due to several factors: the company reported a net profit of RMB40.3 billion for the first nine months of 2025, which represented a 51% year-over-year increase and exceeded expectations. Despite facing challenges from typhoon-induced catastrophic losses that impacted underwriting profits, the strong investment income in the third quarter of 2024 contributed positively. Additionally, BofA Securities raised the company's earnings forecasts for 2025 by 6% and for 2026-27 by 1-2%, leading to an increase in the target price from HKD20.3 to HKD20.9.

BofA Securities

Price Target

2025-10-31

upgrade

The analyst rating for PICC P&C (02328.HK) was reaffirmed as a Buy by BofA Securities due to several factors: the company reported a net profit of RMB40.3 billion for the first nine months of 2025, which represented a 51% year-over-year increase and exceeded expectations. Despite facing challenges from typhoon-induced catastrophic losses that impacted underwriting profits, the strong investment income in the third quarter of 2024 contributed positively. Additionally, BofA Securities raised the company's earnings forecasts for 2025 by 6% and for 2026-27 by 1-2%, leading to an increase in the target price from HKD20.3 to HKD20.9.

UBS

upgrade

2025-10-17

Reason

The analyst rating for PICC P&C (02328.HK) was upgraded to "Buy" by UBS due to a positive profit alert indicating a significant expected increase in net profit for 9M25, projected to rise by 40-60% year-over-year. This includes an anticipated strong growth in net profit for 3Q25, estimated to be approximately 50-108% year-over-year, reaching RMB14-19 billion, which would mark the strongest 3Q results in the company's history. Additionally, UBS raised its 2025 net profit forecast for the company by 19% and increased its target price from $21.8 to $22.5. However, UBS noted that the expected dividend increase may not keep pace with the profit growth, forecasting a 20% increase in dividends to RMB0.65, resulting in a dividend yield of about 3.8%.

UBS

Price Target

2025-10-17

upgrade

The analyst rating for PICC P&C (02328.HK) was upgraded to "Buy" by UBS due to a positive profit alert indicating a significant expected increase in net profit for 9M25, projected to rise by 40-60% year-over-year. This includes an anticipated strong growth in net profit for 3Q25, estimated to be approximately 50-108% year-over-year, reaching RMB14-19 billion, which would mark the strongest 3Q results in the company's history. Additionally, UBS raised its 2025 net profit forecast for the company by 19% and increased its target price from $21.8 to $22.5. However, UBS noted that the expected dividend increase may not keep pace with the profit growth, forecasting a 20% increase in dividends to RMB0.65, resulting in a dividend yield of about 3.8%.

Citi

initiated

$21.2

2025-10-16

Reason

Citi has initiated a positive catalyst watch on PICC P&C due to expectations that the company will outperform the market's low expectations for its 3QFY25 results. This optimism is driven by the impact of frequent typhoons and a high base of investment returns. Additionally, the broker anticipates an improvement in underwriting profits, with a projected 2 percentage point year-over-year improvement in the combined ratio (CoR) to 96.2%, which would be the best performance among its listed peers. As a result, Citi has assigned a Buy rating and set a target price of HKD21.2 for PICC P&C.

Citi

Price Target

$21.2

2025-10-16

initiated

Citi has initiated a positive catalyst watch on PICC P&C due to expectations that the company will outperform the market's low expectations for its 3QFY25 results. This optimism is driven by the impact of frequent typhoons and a high base of investment returns. Additionally, the broker anticipates an improvement in underwriting profits, with a projected 2 percentage point year-over-year improvement in the combined ratio (CoR) to 96.2%, which would be the best performance among its listed peers. As a result, Citi has assigned a Buy rating and set a target price of HKD21.2 for PICC P&C.

UBS

upgrade

2025-08-28

Reason

The analyst rating for PICC P&C (02328.HK) was upgraded to a Buy due to several key factors highlighted in UBS's research report. The reasons for this rating include: 1. Strong 1H25 Results: The company's results exceeded market expectations, driven by a significant increase in net profit after tax, attributed to a 45% year-over-year growth in underwriting profit and a 27% increase in total investment income. 2. Revised Forecasts: UBS raised its forecasts for 2025 net asset value and post-tax profit by 4% and 6%, respectively, reflecting a better-than-expected combined cost ratio and improved market sentiment. 3. Increased Valuation Multiple: The broker increased the valuation multiple to account for a more favorable macroeconomic environment and supportive policy developments. 4. Target Price Increase: The target price for PICC P&C was raised from HKD 18.7 to HKD 20.7, indicating a positive outlook for the stock. These factors collectively contributed to the positive analyst rating and outlook for PICC P&C.

UBS

Price Target

2025-08-28

upgrade

The analyst rating for PICC P&C (02328.HK) was upgraded to a Buy due to several key factors highlighted in UBS's research report. The reasons for this rating include: 1. Strong 1H25 Results: The company's results exceeded market expectations, driven by a significant increase in net profit after tax, attributed to a 45% year-over-year growth in underwriting profit and a 27% increase in total investment income. 2. Revised Forecasts: UBS raised its forecasts for 2025 net asset value and post-tax profit by 4% and 6%, respectively, reflecting a better-than-expected combined cost ratio and improved market sentiment. 3. Increased Valuation Multiple: The broker increased the valuation multiple to account for a more favorable macroeconomic environment and supportive policy developments. 4. Target Price Increase: The target price for PICC P&C was raised from HKD 18.7 to HKD 20.7, indicating a positive outlook for the stock. These factors collectively contributed to the positive analyst rating and outlook for PICC P&C.

Valuation Metrics

Forward PE

N/A

5Y Average PE

3.13

Current PE

8.01

Overvalued PE

7.41

Undervalued PE

-1.15

Forward EV/EBITDA

N/A

5Y Average EV/EBITDA

0.00

Current EV/EBITDA

0.00

Overvalued EV/EBITDA

0.00

Undervalued EV/EBITDA

0.00

Forward PS

5Y Average PS

0.54

Current PS

0.62

Overvalued PS

0.71

Undervalued PS

0.36

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