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<Research>BofAS Lifts PING AN (02318.HK) TP to $64.9, Expects Stable Div. Growth for Full Yr
Recommend 37 Positive 65 Negative 20 |
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PING AN (02318.HK) delivered a net profit of RMB68 billion for 1H25, down 9% YoY, slightly below the broker's expectations, a research report by BofA Securities wrote. The value of new business (VNB) for life insurance grew by 40% YoY, primarily driven by a VNB margin improvement of 1.9-ppt YoY to 26.1%. The operating profit after tax (OPAT) hiked 4% YoY, benefiting from stable growth in the operating profit of the insurance business and a recovery in the operating profit of the asset management business. The interim DPS was HKD0.95, up 2% YoY. The broker revised up the target price on PING AN H shares by 4%, from the previous HKD62.4 to HKD64.9, reaffirming a Buy rating. The target price for Ping An's A shares (601318.SH) was increased from RMB60.3 to RMB62.7, with a Neutral rating reiterated. AASTOCKS Financial News Website: www.aastocks.com |
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