HSBC Research Raises CPIC TP to HKD44, Maintains Buy
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HSBC Research has raised the target price (TP) for China Pacific Insurance Company (CPIC) to HKD44 while maintaining a Buy rating. The report highlights a 9.6% YoY increase in new business value for CPIC in 1Q26, although it lags behind China Ping An's 21% growth. Despite a decline in first-year premiums and a 1.1% drop in net profit when excluding one-off items, CPIC's operating profit rose 3.6% YoY. HSBC remains optimistic about CPIC's value-driven growth strategy, forecasting a 30% increase in earnings for the year.
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