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 2024-07-05 am EDT 		5-day change 1st Jan Change
9.09 HKD -2.20% Intraday chart for PICC Property and Casualty Company Limited -6.48% -2.05%
Jun. 28 Picc Property and Casualty Company Limited Approves Final Dividend for the Year Ended December 31, 2024, Payable Around August 9, 2024 CI
Jun. 07 Huize Holding Limited Partners with PICC P&C to Launch ?WarmTreasure No.3? ? A Customized Child Outpatient and Emergency Insurance Product CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 186,652 109,890 115,448 145,565 187,610 203,555 - -
Enterprise Value (EV) 1 169,330 106,995 106,092 132,412 179,449 199,311 193,358 203,555
P/E ratio 7.68 x 5.27 x 5.16 x 5.45 x 7.63 x 7.02 x 6.31 x 5.93 x
Yield 5.49% 5.51% 8.88% 7.3% 5.8% 5.95% 6.49% 6.96%
Capitalization / Revenue 0.49 x 0.28 x 0.29 x 0.34 x - 0.41 x 0.39 x 0.36 x
EV / Revenue 0.44 x 0.27 x 0.27 x 0.31 x - 0.4 x 0.37 x 0.36 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 0.81 x 0.76 x 0.7 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 9.152 9.152 9.152
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 - 495,243 527,480 562,242
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% - 6.97% 7.31% 7.29%
Earnings before Tax (EBT) 1 23,783 24,676 26,028 30,919 28,035 32,339 36,185 38,588
Net income 1 24,282 20,868 22,360 26,708 24,585 28,781 32,090 33,890
Net margin 6.38% 5.31% 5.63% 6.28% - 5.81% 6.08% 6.03%
EPS 2 1.092 0.9380 1.005 1.201 1.105 1.304 1.451 1.543
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 0.5442 0.5942 0.6368
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 S1 2024 S2 2025 S1 2025 S2
Net sales 200,495 194,484 198,643 189,774 - 207,223 - - 203,876 - 221,604 - - - 314,610 227,350 334,254 239,592
EBITDA - - - - - - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 - - - 19,716 - - - 12,030 22,516 2 - 11,609 12,142 23,751 - - - -
Net income 1 - 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% 12.2% 12.8% 12.2%
ROA (Net income/ Total Assets) 4.24% 3.36% 3.36% 3.72% 3.57% 4.03% 4.25% 4.33%
Assets 1 573,351 621,441 664,705 717,263 688,039 714,492 755,236 783,342
Book Value Per Share 2 7.640 8.430 9.120 9.430 10.40 11.20 12.10 13.10
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
23
Last Close Price
9.152 CNY
Average target price
11.15 CNY
Spread / Average Target
+21.78%
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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