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2026-10-26 11:04:08 CMBI issued a report saying that PING AN (02318.HK) (601318.SH) will announce its 3Q2026 results after market close on October 28. The broker expects quarterly net profit to hit an intra-year trough, while operating profit remains solid. The group's operating profit for the first nine months is expected to grow 8.1% YoY (vs 8.3% growth in 1H2026), implying that 3Q growth will broadly remain at 7.6% YoY (compared with 7.6%/9% growth in 1Q/2Q respectively), unaffected by quarterly capital market volatility. The broker estimated that the group's net profit for the first nine months may fall 29% YoY (vs 36% growth in 1H2026), mainly dragged down by a sharp correction in the A-share market during 3Q. Net asset value may rise 3% from the beginning of the year and remain flat QoQ, as gains in OCI equity fair value and lower China 10-year government bond yields may boost OCI bond fair value, though offset by higher liability reserves. The broker estimated that the group's value of new business may record a double-digit decline, with the first nine months expected to fall 14% YoY, mainly due to slower industry sales and a one-off negative impact on margins from a high base before changes in actuarial assumptions. Although recovery is expected in 4Q2026, the broker still lowered its full-year value of new business growth forecast to 4% to reflect the lag in 3Q. The combined ratio of the property and casualty insurance business may beat expectations. The broker forecast the first nine months combined ratio to improve 0.5 ppts YoY to 96.5%. The broker maintained the Buy rating, with unchanged TP for PING AN H shares and A shares at HKD81 and RMB73 respectively. (ha/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |