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.

Equity Analysis /
Hong KongHK : PICC Property & Casualty - Model adjustment
Michael Chang
Equity Research Analyst, Banks and Insurance @ CGS-CIMB
26 March 2022

26 March 2022
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