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CMBI Lifts PICC P&C (02328.HK) TP to $23.6, Keeps Rating at Buy
2025-11-05 10:19:22
PICC P&C (02328.HK) posted strong 3Q25 results, with net profit increasing by 91.5% YoY to RMB15.8 billion, boosting 9M25 net profit by 50.5% YoY to RMB40.3 billion, benefiting from improved underwriting profits and notable growth in investment income, according to CMBI's research report.

Therefore, CMBI kept rating at Buy for PICC P&C, and lifted its target price from $21.6 to $23.6, equivalent to the current FY2025 PB ratio of 1.35x.
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