Stock 2328 PICC PROPERTY AND CASUALTY COMPANY LIMITED
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Financials PICC Property and Casualty Company Limited

Equities

2328

CNE100000593

Property & Casualty Insurance

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:07 2024-05-09 am EDT 		5-day change 1st Jan Change
9.84 HKD +2.71% Intraday chart for PICC Property and Casualty Company Limited +6.61% +6.03%
May. 02 PICC Property And Casualty Q1 Profit Drops Significantly; Shares Down 4% MT
Apr. 30 Nomura Adjusts PICC Property and Casualty Company’s Price Target at HK$12.15 From HK$12.23, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 186,652 109,890 115,448 145,565 187,610 196,980 - -
Enterprise Value (EV) 1 169,330 106,995 106,092 132,412 179,449 192,736 186,783 196,980
P/E ratio 7.68 x 5.27 x 5.16 x 5.45 x 7.63 x 6.75 x 6.02 x 5.73 x
Yield 5.49% 5.51% 8.88% 7.3% 5.8% 6.12% 6.75% 7.14%
Capitalization / Revenue 0.49 x 0.28 x 0.29 x 0.34 x - 0.4 x 0.37 x 0.35 x
EV / Revenue 0.44 x 0.27 x 0.27 x 0.31 x - 0.39 x 0.35 x 0.35 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.1 x 0.59 x 0.57 x 0.69 x 0.81 x 0.79 x 0.73 x 0.68 x
Nbr of stocks (in thousands) 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 - -
Reference price 2 8.392 4.941 5.190 6.544 8.435 8.856 8.856 8.856
Announcement Date 3/27/20 3/23/21 3/25/22 3/24/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 380,683 393,127 396,997 425,480 - 495,760 529,565 559,947
EBITDA - - - - - - - -
EBIT 1 28,033 28,627 27,561 31,924 29,186 34,495 38,533 41,010
Operating Margin 7.36% 7.28% 6.94% 7.5% - 6.96% 7.28% 7.32%
Earnings before Tax (EBT) 1 23,783 24,676 26,028 30,919 28,035 32,923 36,852 39,173
Net income 1 24,282 20,868 22,360 26,708 24,585 29,083 32,295 33,946
Net margin 6.38% 5.31% 5.63% 6.28% - 5.87% 6.1% 6.06%
EPS 2 1.092 0.9380 1.005 1.201 1.105 1.312 1.471 1.545
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.4610 0.2720 0.4610 0.4780 0.4890 0.5423 0.5976 0.6320
Announcement Date 3/27/20 3/23/21 3/25/22 3/24/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2024 Q1 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 200,495 194,484 198,643 189,774 - 207,223 - - 203,876 - 221,604 - - - 4,899 314,610 227,350 334,254 239,592
EBITDA - - - - - - - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - 19,716 - - - 12,030 22,516 2 - 11,609 12,142 23,751 - - - - -
Net income - 13,179 - 16,499 3,493 - 8,654 10,385 19,039 760 - 9,508 10,746 20,254 - - - - -
Net margin - 6.78% - 8.69% - - - - 9.34% - - - - - - - - - -
EPS - - - - - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 3/27/20 8/21/20 3/23/21 8/20/21 10/28/21 3/25/22 4/28/22 8/26/22 8/26/22 3/24/23 3/24/23 4/27/23 8/29/23 8/29/23 - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 17,322 2,895 9,356 13,153 8,161 4,244 10,198 -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 15.6% 11.7% 11.5% 12.9% 10.9% 12.4% 13% 12.2%
ROA (Net income/ Total Assets) 4.24% 3.36% 3.36% 3.72% 3.57% 4.03% 4.25% 4.33%
Assets 1 573,351 621,441 664,705 717,263 688,039 721,993 760,067 784,624
Book Value Per Share 2 7.640 8.430 9.120 9.430 10.40 11.20 12.10 13.00
Cash Flow per Share - 0.5800 0.7300 1.920 - - - -
Capex 1 - - - 5,563 2,734 317 342 371
Capex / Sales - - - 1.31% - 0.06% 0.06% 0.07%
Announcement Date 3/27/20 3/23/21 3/25/22 3/24/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PICC Property and Casualty Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
25
Last Close Price
8.856 CNY
Average target price
11.11 CNY
Spread / Average Target
+25.40%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Insurance - Automobile

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Insurance - Automobile
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