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 projections for the company, with an expected 28% year-on-year growth in profit by 2025 [1] Financial Performance - In the first half of the year, China Pacific Insurance achieved a net profit growth of 32.3% year-on-year, with both underwriting profit and investment income showing strong growth [1] - The annualized ROE reached 9%, an increase of 1.3 percentage points year-on-year [1] - The company plans to distribute an interim dividend of RMB 0.24 per share, reflecting a year-on-year increase of 15.4% [1] Future Outlook - The company is expected to maintain a ROE of over 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, while maintaining a "Buy" rating [1] - The implementation of unified pricing for non-auto insurance is anticipated to improve the combined operating ratio (COR) for non-auto insurance, further enhancing the competitive advantage of the company as a leading property insurance provider [1]
交银国际：升中国财险(02328)目标价至24港元 维持“买入”评级