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2009-5-13 04:02:00 p.m. HKT, XFNA
DJ MARKET TALK: PICC +2.2% On Strong Premium, But GS Keeps Sell
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| 1552 [Dow Jones] PICC (2328.HK) +2.2% at HK$4.74, staying firm vs HSI's 0.4% fall after strong premium growth; Goldman Sachs notes January-April premiums +13% on-year, marks 38% of house's FY forecast, likely due to decent car sales and sale of auto insurance premium rates. House keeps stock at Sell, target at HK$3.50 (1.4X FY09 P/B). "We believe current valuation (1.8X FY09 P/B), vs 13.4% ROE has already priced in the premium growth trend," says Goldman. Stock's early high of HK$4.82 as strong cap for now.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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