Nomura currently expects the net profit of the China People's Insurance Group (01339) to increase by 16% and 7% in 2024/25.
The Zhitong Finance App learned that Nomura released a research report saying that the China People's Insurance Group (01339) lowered the target price by 3% from HK$3.52 to HK$3.41 due to weak performance in the first quarter of 2024, while maintaining a “buy” rating.
The bank said it lowered the net profit forecast of the China People's Insurance Group for the 2024/25 fiscal year by 6% and 7%, as net profit for the first quarter of 2024 fell 24% year on year to 9 billion yuan. Currently, net profit is expected to increase by 16% and 7% in 2024/25, and the total return on investment will increase to 4.1% and 4.2%. Furthermore, the 2024/25 net asset forecast was lowered by 1% and 0.3%, as net assets increased by 1% quarterly to RMB 246 billion by the end of the first quarter of 2024, which is lower than the bank's forecast.