＜Research＞M Stanley Slightly Cuts PICC P&C (02328.HK) TP to $13.3, Expects 1H24 Results to Remain Healthy

　　Morgan Stanley issued a research report forecasting PICC P&C (02328.HK) +0.300 (+3.250%) Short selling $91.96M; Ratio 38.448% to post a healthy 1H24 results. Morgan Stanley estimated auto CoR to be 96.5%, down 0.2 ppts YoY, implying improvement, mainly due to the decline in the expense ratio.

　　Non-auto CoR was 97.4%, up 3 ppts YoY (implying deterioration), mainly as liability lines may still be underwriting losses. The commercial property and engineering insurance CoR may rise due to the catastrophe impact in 1Q24.

　　Taking into account the above factors, Morgan Stanley slightly cut its target price for PICC P&C from $13.6 to $13.3, with rating at Overweight.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 16:25.)