CLSA: We are optimistic about domestic insurance stocks and give "buy" ratings to both Ping An Insurance and China Property & Casualty Insurance.
格隆汇2021-05-05
A research report published by CLSA indicates that most mainstream life insurers' new business performance has not been ideal since 2018. Considering weak short-term demand, the weak trend from February to March is expected to continue for some time, and accumulated demand has not yet emerged. It believes that life insurance reform will become a key focus of market attention, with supply-side reform being more important.The bank pointed out that the latest round of auto insurance reforms will accelerate market consolidation, leading to the gradual elimination of smaller market players.China Property InsuranceThe market share of market leaders such as (2328.HK) will increase.
Lyon expressed optimism.Ping An(2318.HK) and China Property & Casualty Insurance both gave "Buy"Rating, and the rating of PICC (1339.HK) was changed from "Underperforming the market"Promoted to"Outperform the marketThe target price has been raised from HK$2.57 to HK$2.95.
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