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<Research>Nomura Slightly Adds PING AN (02318.HK) TP to $54.41; Profit Beats
Recommend 28 Positive 58 Negative 13 |
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Nomura commented in a research report that PING AN (02318.HK) (601318.SH)'s profit and new business value (NBV) during 1Q have both beaten forecasts, with the combined ratio slightly exceeding the broker's estimate by 4%. Earnings fell 4% YoY to RMB36.7 billion, but still 13% higher than Nomura's forecast. Nomura rated PING AN Buy and slightly raised its target price from $54.12 to $54.41. PING AN's operating profit after tax (OPAT) and earnings in all business segments have exceeded Nomura's expectations. Among them, OPAT of the life insurance business grew by 2% YoY to RMB27.3 billion, while profit rose by 0.5% to RMB25.1 billion, exceeding forecasts by 3% and 17% respectively. NBV hiked 21% YoY to RMB12.9 billion, surpassing forecasts by 5%. In addition, the number of agents continued to decline, falling by 4% QoQ to 333,000 during the period. AAStocks Financial News |
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