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<Research>M Stanley Prefers AIA/ PING AN Among Insurers, PSBC Among CN Banks
Recommend 46 Positive 86 Negative 38 |
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Morgan Stanley has released a report comparing China's recent policies with historical policy actions and financial system data to assess the impact on credit and risk cycles. The broker believed that improved policy communication will alleviate severe downside risks and risk premiums. Although the recent policy shift was not a 180-degree change, the broker considered it conducive to improving confidence for the remainder of the cycle. Moreover, the new policy tone may aid investors in focusing on prospects beyond this cycle, yet the property and industrial cycles will not bottom out until 2H25. The broker believed that insurers are best positioned to benefit from reduced economic downside risks and a rational yet more cyclical long-term growth environment. The current valuations of these stocks remain attractive, with AIA (01299.HK) and PING AN (02318.HK) still being the top picks among insurers. As high-dividend banks also benefited from lower risk concerns, the broker favored PSBC (01658.HK) and BANK OF NINGBO (002142.SZ). AAStocks Financial News |
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