Morgan Stanley: Raises PICC P&C (02328.HK) target price to HK$21.6, maintains "Overweight" rating.

According to Zhitong Finance APP, Morgan Stanley released a research report stating that after China Property & Casualty Insurance (02328.HK) announced its 2026 interim results, it updated its model and lowered its 2026, 2027, and 2028 earnings per share after-tax forecasts by 3.5%, 2.1%, and 2.8%, respectively, incorporating the third-quarter 2026 stock market correction and slower premium growth in fiscal years 2027 and 2028. The bank's dividend per share forecasts remain largely unchanged, and it remains optimistic about the company's solid fundamentals while retaining its combined ratio forecasts. The bank further updated its RMB-to-HKD exchange rate from 1.15 to 1.17 and slightly adjusted its dividend payout assumptions. The target price was raised from HKD 21.1 to HKD 21.6, with an "Overweight" rating.