Morgan Stanley: Slightly lowers PICC Group (01339.HK) target price to HK$7.2, maintains "Overweight" rating.

Zhitong Finance APP has learned that Morgan Stanley issued a research report stating that, based on PICC Group's (01339.HK) 1H 2026 results, it updated its model and lowered its 2026, 2027, and 2028 earnings per share after tax forecasts by 6%, 7.3%, and 7.4%, respectively, incorporating the 3Q 2026 stock market correction and the partial slowdown in profitability of the health insurance business, while the life insurance and property and casualty insurance businesses remained basically unchanged. The dividend per share forecast was basically maintained unchanged. The bank further updated the RMB-to-HKD exchange rate, adjusting it from 1.15 to 1.17. The target price was slightly lowered by 1.4% from 7.3% to HKD 7.2, with an "Overweight" rating.