Core Viewpoint - UBS has raised the net profit forecast for China Pacific Insurance (02328) for the years 2025 to 2027 by 11%, 5%, and 4% respectively, reflecting lower-than-expected natural disaster losses and improved stock market performance year-to-date, while also adjusting growth predictions [1] Group 1: Profit Forecast and Target Price - The target price for China Pacific Insurance has been increased from HKD 16.3 to HKD 18.7, maintaining a "Buy" rating [1] - The company is expected to see a year-on-year growth rate in total premiums, auto premiums, and non-auto premiums for the first half of the year at 3.6%, 3.4%, and 3.8% respectively, with insurance revenue growth exceeding 5% [1] Group 2: Underwriting Profitability - The estimated combined cost ratio for the first half of the year is projected to increase by 0.9 percentage points to 95.3% [1] - The auto combined cost ratio continues to benefit from adjustments in commission structure [1] - Significant improvements in health insurance and agricultural insurance are expected due to better business mix, leading to an estimated year-on-year increase of 29% in total underwriting profit for the first half of the year [1]
瑞银：升中国财险(02328)目标价至18.7港元 料税后溢利强劲增长