Core Viewpoint - 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, predicting a 20% year-on-year increase in dividends to 0.65 RMB, resulting in a dividend yield of approximately 3.8% [1] Group 1: Earnings Forecast - China Pacific Insurance has issued a positive earnings forecast, expecting a year-on-year net profit increase of 40% to 60% for the first nine months, with Q3 net profit anticipated to grow significantly by about 50% to 108%, reaching between 14 billion to 19 billion RMB [1] - The expected Q3 performance is projected to be the strongest in history for the company [1] Group 2: Performance Drivers - UBS attributes the better-than-expected Q3 performance to a turnaround in underwriting profits and strong growth in investment income [1] - The estimated combined cost ratio for the first nine months is expected to improve by 1.7 percentage points to 96.5%, with continued improvement anticipated in Q4 [1] Group 3: Target Price and Rating - UBS has adjusted the target price for China Pacific Insurance from 21.8 HKD to 22.5 HKD, maintaining a "Buy" rating [1]
瑞银：升中国财险(02328)目标价至22.5港元 料上季净利最多翻倍