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<Research>UOB Kay Hian Trims PING AN (02318.HK) TP to $61; Rating Buy
Recommend 30 Positive 63 Negative 31 |
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In light of assumption changes in the life insurance and weaker profit performance from Ping An Bank, PING AN (02318.HK) logged lower-than-expected YoY operating profit growth for 2024, UOB Kay Hian said in a research report. Thanks to a better COR, the P&C insurance marked a strong profit recovery, while asset management impairment losses slid 43% compared to the same period last year. The company’s dividend payout ratio will hike to 38%, driving a 5% YoY rise in DPS. The broker trimmed its operating profit forecasts for PING AN for 2025 and 2026 by 9.1% and 5%, respectively, reduced its NBV forecasts by 26.7% and 27.6%. The broker also cut its target price for PING AN from HKD69 to HKD61, while maintaining its Buy rating. AAStocks Financial News |
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