PICC Property & Casualty Co. Ltd.

PICC Property and Casualty is a non-life insurance company based in mainland China. Co. is engaged in motor vehicle insurance, commercial property insurance, homeowners insurance, cargo insurance, liability insurance, accidental injury insurance, short-term health insurance, hull insurance, agriculture insurance, surety insurance, which are denominated in RMB and foreign currencies, together with the reinsurance of the above insurance products, and investment and fund application business permitted under the relevant laws and regulations of the People's Republic of China. Co.'s subsidiaries are engaged in the provision of insurance agency services and training services for Co.
  • Ticker2328
  • ISINCNE100000593
  • ExchangeHong Kong Stock Exchange
  • SectorNonlife Insurance
  • CountryChina

Analysts

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

Insurance - Life segment harder hit by COVID-19; premiums growth to rebound in March

Life segment growth was harder hit by the COVID-19 outbreak but the P&C segment was less impacted. That said, we opine that demand for life insurance is only backloaded and life insurance premiums growth should rebound as soon as economic activity resumes post-COVID-19. Maintain MARKET WEIGHT on the sector; maintain BUY on PICC P&C (2328 HK) and target price of HK$10.60. Upgrade CTIH (966 HK) to BUY with an unchanged target price of HK$20.00.

UOB
Greater China Research Team

Strategy - Beyond COVID-2019

While workers in major cities are returning to work on 10 February, mobility restrictions and shortage of protective masks will lead to a slow start. Hence, 1Q20 is likely to be a washout. But investors have looked beyond the impact of COVID- 2019, with the index recovering more than half of the initial decline. Even with the sharp rebound, some stocks remain attractive, namely CK Asset, PICC P&C, Stella, and Xiabuxiabu.

UOB
Greater China Research Team ...
  • Tham Mun Hon

Strategy - Alpha Picks: February Conviction Calls

In Jan 20, equity markets plummeted due to the outbreak of the new coronavirus. Lockdowns and extended Lunar New Year holidays across provinces are hurting the manufacturing, retail and transportation sectors. We remove Ausnutria Dairy, Wuxi Biologics and Tongcheng-elong from our BUY list and close out names that are prone to profit-taking, such as Zoomlion and Sany Heavy. Add beneficiaries of the virus outbreak  CSPC and Mindray.

UOB
Eric Wang Zhen ...
  • Jayson Kong

Insurance - 2020 sector outlook

The P&C segment recovered in 11M19 and should continue to recover in 2020. In 11M19, the life segment’s growth rate remained flat, while non-auto insurance and health insurance grew much faster than other types of insurance. In the life segment, loss ratio improved. Maintain MARKET WEIGHT on the sector; top pick is PICC P&C (2328 HK) with a target price of HK$10.60.

UOB
Tham Mun Hon

CHINA/HK MARKET STRATEGY FOR 2020: 143-page report – Price = US$500:-

UOB Kay Hian published on 11th December a 143-page China/HK strategy report, which highlights our preferred sectors and stocks for 1H 2020. The report includes sections on:- * Market Strategy for 2020: pages 4 – 15; * Stock Recommendations: page 16; * China 2020 Economic Outlook: pages 17 – 26; * Review of Sectors: pages 27 – 112; * Company Updates - Top Stock Picks: pages 114 – 143. For more information about the UOBKayHian dealing services in the Asia-Pacific region and the research on Asian companies (including bespoke packages and free trials), please contact David Osman or Simon Dickson i...

UOB
Tham Mun Hon

CHINA/HK MARKET STRATEGY FOR 2020: 143-page report – Price = US$500:-

UOB Kay Hian published on 11th December a 143-page China/HK strategy report, which highlights our preferred sectors and stocks for 1H 2020. The report includes sections on:- * Market Strategy for 2020: pages 4 – 15; * Stock Recommendations: page 16; * China 2020 Economic Outlook: pages 17 – 26; * Review of Sectors: pages 27 – 112; * Company Updates - Top Stock Picks: pages 114 – 143. For more information about the UOBKayHian dealing services in the Asia-Pacific region and the research on Asian companies (including bespoke packages and free trials), please contact David Osman or Simon Dickson i...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior