招银证券1月11日发布公告。PICC is currently trading at 0.78/0.71x 2018/19E P/B, lower than average of listed peers of 1.39/1.28x 2018/19E P/B. We value the Group using SoTP method. We value PICC P&C at 1.36x 2019E P/B, PICC Life at 0.64x 2019E P/EV, PICC Health at 0.43x 2019E P/EV, and other businesses at 0.60x 2019E P/B. This gives us Target Price of HK$3.99 per share. Initiate with BUY.