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2009-6-4 03:26:00 p.m. HKT, XFNA
DJ MARKET TALK:PICC +1.2%;Easing Pressure On FY09 Outlook-Phillip
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| 1517 [Dow Jones] PICC (2328.HK) +1.2% at HK$5.90, outperforming vs HSI's 1.0% fall but inline with Ping An's (2318.HK) 1.2% rise, supported by outperformance in China markets (Shanghai Composite index down 0.4%). Phillip Securities expects easing pressures on performance growth in FY09 vs FY08 for PICC. "Insurance businesses of PICC maintain a stable and smooth growth, while taken the effects of the natural disasters and the downturn of the stock market, the investment gains decreased sharply in 2008, but such effects will be reduced in 2009." Keeps at Hold, sets target at HK$6.27, equal to 2.6X FY09 P/B. Early high of HK$5.96 still tad below psychological HK$6.00.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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