[ET Net News Agency, 19 July 2018] Macquarie Research cut its target price for Ping An
Insurance (02318) to HK$105 from HK$112, and reiterated its "outperform" rating.
The research house said Ping An stock has fallen by 13% year-to-date, and the stock
currently offers compelling buying into the company's attractive long-term growth.
Macquarie has quantified a range of different concerns, and the most topical at present
appears to be the company's various exposures to rising defaults. It applied an average
haircut of 8% to insurance assets and 6-12% to other credit exposures in the Bank, Trust
and CGI. These stress tests produce a shareholder impact of only HK$12.40/share. Macquarie
concluded this is in the price.
It forecast 1H EPS rises by 4%, OPAT rises by 19%, DPS rises by 22% and VNB falls by 1%.
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02318 PING AN
Nominal 
41.250 +2.250 (+5.769%) Others
19/07/2018 09:34
[I-bank focus]Macquarie cuts Ping An (02318) to HK$105
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