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<Research>UBS Expects PING AN (02318.HK) 1Q New Biz Value to Grow 20% YoY w/ Attractive Valuation
Recommend 22 Positive 25 Negative 11 |
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PING AN (02318.HK) inclined after midday, and last printed at $63.2, up 2.5%. PING AN will announce its 1Q26 results on 28 April, UBS published a research report saying. The broker estimated the Group's operating profit after tax (OPAT) to increase 5% YoY, mainly driven by its life insurance, asset management and banking businesses. Its OPAT from the life insurance segment has shown an improving trend compared with previous years, as (1) the contractual service margin (CSM) of new business benefited from more stable interest rates, and (2) insurance asset management scale continued to expand. CITIC SEC (06030.HK) reported a preliminary 55% YoY increase in 1Q26 profit after tax, forming a positive reference for Ping An Securities (PING AN's asset management subsidiary). PING AN BANK (000001.SZ) also appears to be resuming earnings growth according to its guidance. The broker estimated PING AN's 1Q26 new business value to grow 20% YoY, representing exceptionally strong growth, mainly driven by (1) the deposit migration trend, (2) a multi-channel strategy, and (3) jumpstart sales. UBS considered PING AN's valuation attractive, with a 12-month PB ratio of 0.87x, P/OPAT of 6.2x and a 2026 dividend yield of 5.3%. The broker forecasted a CAGR of 10% in operating profit from 2025 to 2030. The 2026 dividend yield for H-shares is 5.3%, with a clear dividend policy. Therefore, the broker kept its target price at $88 and rating at Buy. Auto-translated by AI This article was automatically translated by AI, the original language 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. More Details
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