UBS issued a research report expecting that PING AN (02318.HK) +0.800 (+2.235%) Short selling $587.06M; Ratio 25.178% will record a 15% YoY growth in value of new business (VNB) in 1Q24 on a comparable basis, mainly due to improved margins. Meanwhile, the Company's first-year premium is expected to fall 3.8% YoY, mainly due to lower bancassurance commissions and a relatively high comparable base.Related NewsBOCOMI: PING AN Earnings Solid; VONB Rate BeatsUBS estimated that PING AN's 1Q24 operating profit after tax (OPAT) will still subtract after falling 3% YoY, and that the Company's asset management business will swing loss into profit QoQ in 1Q24, mainly due to the Company's healthier balance sheet after aggressive provisioning in 2H23.Overall, UBS forecasted PING AN's FY2024 overall OPAT to grow 10%, and the Company to declare a full-year DPS of RMB2.44, implying a dividend yield of 8.7%. UBS trimmed its target price on PING AN's H-shares from $60 to $56, with rating at Buy.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-29 16:25.)