China Pacific Insurance (Group) Co Ltd Class A

601601: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥75.00	Fgkc	Jkmwvpvk

China Pacific Insurance Earnings: No Surprises, NBV Growth Exceeds Peers, H-Shares Are Attractive

Iris Tan

Apr 28, 2023

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.

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