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<Research>JPM: NCI 2024 Profit Largely Beats Forecasts, But Strong Mkt Reaction Uncertain
Recommend 29 Positive 51 Negative 19 |
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NCI (01336.HK) forecasted 2024 net profit to be between RMB23.958 billion and RMB25.7 billion, representing a net profit growth of 175-195%, which is significantly higher than the expectations of JPMorgan/ the market of RMB20.97 billion/ RMB20.614 billion, JPMorgan released a research report saying. While the strong earnings performance is welcomed by the market, it is uncertain whether the market will react strongly to this positive profit alert, as JPMorgan believed that the market's focus has shifted from near-term earnings momentum to solvency capital adequacy in the face of low bond yields, according to the report. Therefore, it is not clear whether the strong earnings growth will be a catalyst. JPMorgan will keep an eye on the Company's FY2024 dividend announced in its full-year financial results. The broker also preferred PICC P&C (02328.HK) and PICC GROUP (01339.HK). The broker's ratings and target prices on the H-shares of Chinese insurers are summarized below: Stock｜ Rating｜ Target Price (HKD) CHINA LIFE (02628.HK)｜Underweight｜ 10 PING AN (02318.HK)｜Neutral｜50 PICC(02601.HK)｜Neutral｜23 NCI (01336.HK)｜Underweight｜13 PICC GROUP (01339.HK)｜Overweight｜4.7 PICC P&C (02328.HK)｜Overweight｜15 AAStocks Financial News |
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