BofAS: PICC P&C Valuation Attractive, Buy Rating with TP at HKD18.4
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BofAS has issued a research report on PICC P&C, maintaining a Buy rating with a target price of HKD18.4. The company reported a net profit of RMB8.6 billion in Q1, down 24% YoY, primarily due to a decline in investment income. Despite this, underwriting profit rose 7% YoY to RMB7.4 billion. Management aims for a FY26 combined ratio of 96% for auto insurance and below 100% for non-auto insurance. The valuation is attractive, with a forecast FY26 price-to-book ratio of 0.9x and a dividend yield of 5.5%.
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