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2009-6-12 10:00:00 a.m. HKT, XFNA
DJ MARKET TALK:PICC +1.5% Pre-Mkt;2009 Oper Returns To Improve-CS
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| 0950 [Dow Jones] PICC P&C (2328.HK) +1.5% at HK$6.20 at pre-market, supported by strong premium data (January-May premium income +13.8% on-year), but gains likely capped with stock +17.5% month-to-date, vs H-share Finance Index's +8.6% during same period. Credit Suisse says latest data showing premium growth comfortably above house's 9% growth tipped for FY09, due to improved top-line performance on easing competition given capacity erosion afflicting smaller insurers. Keeps stock at Neutral, target at HK$4.85. Notes, to justify further gains, "we would need evidence that the improved outlook for profit is structural rather than cyclical." Expects operating returns to improve in 2009, reflecting easing competitive intensity. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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