Movement Alert｜PICC Group Falls 3.23% in Regular Trading, Two Consecutive Quarters of Profit Decline Compounded by Investment Bank Downgrades

Market Focus06-23

On June 23, PICC Group (01339.HK) fell 3.23% in regular trading, trading at HK$5.09/share, with turnover of HK$52.97 million.

On the news front, the company has seen two consecutive quarters of net profit deceleration. In Q4 last year, PICC reported a rare single-quarter net loss of RMB 180 million attributable to parent shareholders, compared with a profit of RMB 6.5 billion in the same period the prior year. In Q1 this year, net profit declined 31.4% year-over-year, with management citing capital market volatility dragging down investment-side returns. Revenue also fell 5.1% during the quarter, though insurance service income grew 2.0% to RMB 138.88 billion.

Additionally, Morgan Stanley and Citigroup both recently cut their H-share target prices, with both pointing to life insurance business performance falling short of expectations. The H-share has declined approximately 23.6% year-to-date. Selling pressure from the A-share insurance sector, where PICC A-shares dropped 5% on June 18, has carried over into Hong Kong trading this week.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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