UBS 瑞银证券：中国保险业 China Insurance Sector

26 January 2007 ６页 英文 pdf

􀂄 Recent rating downgrades on significant outperformance On Jan-22 & Jan-24 we downgraded ratings on Ping An & PICC to Neutral 2 from Buy 2, after the shares' significant outperformance in 2006 (+100-300%). At average 3.3x 2007E P/BV China insurers are trading on ~9% premium to China Hshare banks despite similar ROE of ~15%. Our EPS estimates were raised to higher mark-to-market equity gain, which fluctuates with the highly volatile A share market