Core Viewpoint - The report from CMB International indicates an upward revision of China Pacific Insurance's (02328) underwriting profit and investment income forecasts, leading to an increase in profit predictions for the company [1] Financial Performance - In the first half of the year, China Pacific Insurance achieved a net profit growth of 32.3% year-on-year [1] - The company’s annualized ROE reached 9%, an increase of 1.3 percentage points year-on-year [1] - The proposed interim dividend is RMB 0.24 per share, reflecting a year-on-year growth of 15.4% [1] Future Projections - The company is expected to see a profit growth of 28% year-on-year by 2025, with ROE projected to remain above 14% from 2025 to 2027 [1] - The target price has been raised from HKD 17 to HKD 24 based on a 1.7 times price-to-book ratio for 2025 [1] Competitive Advantage - The implementation of unified pricing for non-auto insurance is anticipated to improve the combined operating ratio (COR) for non-auto insurance, further highlighting the competitive advantage of China Pacific Insurance as a leading property insurance company [1]
交银国际：升中国财险目标价至24港元 维持“买入”评级