<div id="readability-page-1"><div><p>Morgan Stanley issued a research report stating that PICC P&amp;C (02328.HK)<span> </span><span> -0.230 (-1.591%)  </span> <span> Short selling $92.19M; Ratio 21.211%  </span>  delivered 1Q26 results in line with expectations, with a fairly healthy underwriting performance but short-term pressure on investments. Net profit during the period fell 23.7% YoY, slightly below the brokers forecast of a 20% decline. Implied annualized return on equity (ROE) was about 11.9%, while book value per share (BVPS) edged up 1.8% QoQ.</p><p>The broker said management is more confident about full-year guidance, further consolidating its leading position in the auto insurance market. Non-auto insurance continued to improve amid regulatory easing, and the payout ratio per share is also expected to increase. Premium growth is projected to be in line with industry growth. The group was given an Overweight rating with a TP of HKD20.5. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-29 16:25.)</p></div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p></div>

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<p>Morgan Stanley's report on PICC P&Cindicates strong underwriting performance in 1Q26, despite a 23.7% YoY decline in net profit, slightly worse than the expected 20% drop. The implied annualized ROE is 11.9%, with a 1.8% QoQ increase in BVPS. Management is optimistic about full-year guidance and growth in the auto insurance market, with premium growth expected to align with industry trends. The stock is rated Overweight with a target price of HKD20.5.</p>

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M Stanley: PICC P&C  1Q26 Underwriting Strong but Investment Under Pressure, Rates Overweight