China Pacific Insurance (Group) Co Ltd Class A
601601: XSHG (CHN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥67.00 | Gywb | Vltkmtl |
China Pacific Insurance Earnings: No Surprises, NBV Growth Exceeds Peers, H-Shares Are Attractive
China Pacific Insurance’s, or CPIC’s, first-quarter IFRS 17-based revenue and net profit grew 19% and 24% year on year, respectively, broadly in line with our expectations. We retain our fair value estimate at HKD 30 per H-share. The H-shares are undervalued, trading at a historic low valuation level of 0.4 times 2023 price/embedded value.