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SCMP Reporter

BUY

PICC Property & Casualty

Closing price: NA

Target price: $2.07

Share price performance (%)

1wk: NA

3mths:NA

1mth:NA

1yr:NA

Tung Tai recommends investors buy PICC as it starts trading on Thursday after raising $5.4 billion in Hong Kong's largest initial public offering (IPO) this year. The target price is 15 per cent above its IPO price of $1.80 and resistance is seen at $2.20, the brokerage says. It also recommends a stop-loss at $1.80. Net profit was expected to surge more than 400 per cent to 1.43 billion yuan (HK$1.32 billion) this year, it said.

Tung Tai Securities



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