CICC: Raise target price for China Pacific Insurance (02328.HK) to HKD 19.1, there is great potential for overseas expansion.

According to the Wise Finance APP, Zhongjin released a research report stating that China Pacific Insurance (02328.HK) announced its third quarter financial performance, with net profit increasing by 91.5% and 50.5% year-on-year in the third quarter and the first three quarters to RMB 15.81 billion and RMB 40.27 billion respectively, previously disclosed profitability exceeding market expectations; net assets increased by 12.3% to RMB 289.9 billion from the beginning of the year. Maintaining the industry rating of outperforming property insurance, as investment performance exceeded expectations, the company's earnings per share forecast for 2025 and 2026 were raised by 25% and 7% to RMB 2.14 and RMB 1.89 respectively, and the valuation basis was extended to 2026, raising the valuation basis from the original forecast of 1.2 times P/B ratio to 1.3 times, with the target price raised by 23% to HKD 19.1.