Equity Analysis /
Hong Kong

HK : PICC Property & Casualty - Model adjustment

    Michael Chang
    Michael Chang

    Equity Research Analyst, Banks and Insurance

    26 March 2022
    Published by

    We marginally raise our FY21F-23F EPS forecasts by 0.8%–5.9%. We now forecast combined ratios rose from 98.9% in FY20 to 99.2% in FY21F, and will rise to 99.7% for FY22F and 99.9% in FY23F. Maintain an Add rating. TP raised slightly to HK$10 as we roll forward our valuation and apply our target P/BV multiple to FY22F BVPS.