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<Research>BofAS Trims PICC GROUP (01339.HK) TP to HKD7.5, Reiterates Buy Rating
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PICC GROUP (01339.HK) met expectations with its 2025 results, with DPS growth surpassing EPS, BofA Securities said in its report. The net profit for FY25 reached RMB46.2 billion, marking a 10% YoY rise, thanks to strong investment income. Although there were concerns about reduced investment income and underwriting losses in 4Q25, the overall performance was in line. In view of the worse combined ratio assumptions and slower growth expectations, the broker lowered its earnings forecast for PICC for FY26-27 by 4-5%. The target price was axed by 4% from HKD7.8 to HKD7.5, while the Buy rating was reiterated. AASTOCKS Financial News Website: www.aastocks.com |
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