Group 1 - UBS has raised the net profit forecast for China Pacific Insurance (02328) for 2025 by 19%, but believes that the dividend growth may not keep pace with profit growth, with a projected dividend increase of 20% to RMB 0.65, resulting in a dividend yield of approximately 3.8% [1] - China Pacific Insurance has issued a positive profit forecast, expecting a year-on-year net profit increase of 40% to 60% for the first nine months, with a significant third-quarter net profit growth of about 50% to 108%, reaching between RMB 14 billion to 19 billion, anticipated to be the strongest third-quarter performance in history [1] - UBS attributes the better-than-expected third-quarter performance to a turnaround in underwriting profits and strong growth in investment income, estimating a year-on-year improvement in the combined ratio of 1.7 percentage points to 96.5% for the first nine months, with expectations for continued improvement in the fourth quarter [1]
瑞银：升中国财险目标价至22.5港元 料上季净利最多翻倍