[ET Net News Agency, 22 March 2018] Macquarie Research lifted its target price for Ping
An Insurance (02318) to HK$115 from HK$110, and reiterated its "outperform" rating noting
current levels (9.9x FY2019 PER) undervalue the substantial growth outlook and impressive
execution across the company's major businesses.
For all the talk about technology, Ping An's core finance businesses remain compellingly
undervalued, said the research house. The company is distancing itself from its domestic
peers on a range of metrics and has become a unique stock globally operating in a highly
attractive industry. The fintech angle remains a free option.
Macquarie said Ping An's disclosure has improved substantially over the past 18 months.
The latest example is the introduction of a simple lifted its forecasts substantially, and
expects the group OPAT figure of Rmb94.7bn in FY2017 (up 39% last year, up 20% this year
on Macquarie's forecasts) prompts substantial market upgrades.
The research house increased its FY2018/19 EPS forecasts by 21%/20% due to better
earnings visibility in both Life and Fintech. (KL)