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PING AN Rises 1.6% against Mkt; Citi, G Sachs, UBS Keep Buy Ratings
2026-08-24 11:54:23 PING AN (02318.HK) opened 0.62% higher today (24th) and once peaked at HKD57.2. It last posted at HKD57.1, up 1.6%, with 24.4039 million shares traded, involving HKD1.382 billion. Citi said in a report that after PING AN announced its interim results, the broker updated its forecast model and slightly lowered earnings forecasts for FY2026-28 by 3%, 2% and 2%, respectively, on expectations for higher tax expenses. The broker also raised the H-share TP from HKD82 to HKD83 due to FX impacts, while maintaining a Buy rating. Goldman Sachs said in a report that PING AN's interim results partially eased market concerns over the asset quality of its asset management, as strong investment income offset the YoY increase in impairment losses. However, the broker expected short-term market focus to return to the core life insurance, as the larger-than-expected decline in net investment yield and the notable slowdown in bancassurance channel sales may lead to downside risks for FY2026 new business value. The broker raised its FY2026 net profit forecast by 12% to reflect better-than-expected investment income in 1H26, while FY2027 and FY2028 forecasts were broadly unchanged. The broker lowered the 12-month TP from HKD74 to HKD73, and cut the A-share TP for PING AN OF CHINA (601318.SH) from RMB76 to RMB75, while maintaining a Buy rating. UBS said in a report that PING AN reiterated at its interim results briefing its dividend policy target of aligning medium- to long-term DPS growth with growth in the group's OPAT, while proactively managing dividend upstreaming from subsidiaries. The life and health insurance contributed 66% of the group's upstreamed dividends in 1H26, down 11 ppts YoY. PING AN explained that this did not indicate capital pressure, but rather reflected its decision to retain more capital in the life business given the attractive operating ROE of the segment, which was 26% in 2025. UBS lowered the H-share TP from HKD88 to HKD86 while maintaining a Buy rating. ~ AASTOCKS Financial News Website: www.aastocks.com | |