Picc Property And Casualty Hits 10: week low as Q3 results miss estimate

PICC Property And Casualty

31/10/2023 02:20

** Shares of PICC Property and Casualty Co Ltd  2328.HK 
fall 7.1% to HK$8.55, their lowest since Aug 25, extending
losses for a third session
    ** Stock is the biggest pct loser in Hang Seng Composite
Index  .HSCIF , which tracks financials stocks 
    ** The Chinese property and casualty insurance products
provider says its 9-month net profit down 26.2% YoY at 19.39 bln
yuan ($2.65 bln) 
    ** Jefferies maintains positive view over the medium term
with "buy" rating on the stock, given limited interest rate risk
to its balance sheet, though 3Q23 result missed on both
underwriting and investments
    ** Nomura keeps "buy" rating, but trims TP to HK$11.02 from
HK$11.43 citing 3Q23 net profit missed on poor investments 
    ** Hang Seng Composite Index on financials stocks  .HSCIF 
slips 0.7% and Hang Seng Index  .HSI  eases 0.9%
    ** Stock up 21.1% YTD 
    ($1 = 7.3155 yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))