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<Research>CMBI Elevates PING AN (02318.HK) TP to $65.1 as 3Q VONB/ Earnings Double
Recommend 38 Positive 52 Negative 21 |
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PING AN (02318.HK) delivered strong results in 3Q24, with the Group's net profit and VONB in life and health insurance doubled, CMBI issued a research report saying. The Group's operating profit after tax rose 5.5% YoY to RMB113.8 billion, implying a 22.1% YoY growth in 3Q24 and a steady recovery trend. With the rebound in investment income and a low base in 4Q23, the broker believed that PING AN will outperform in 2H24. As a result, CMBI raised its FY2024-FY2026 EPS forecasts for PING AN by 14%/ 7%/ 3% to RMB7.44/ RMB7.57/ RMB7.9 each, on the back of a clear outlook for solid insurance and investment returns. Therefore, the broker kept rating for PING AN's H-shares at Buy, and elevated its target price to $65.1 from $52. AAStocks Financial News |
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