[ET Net News Agency, 15 November 2018] Credit Suisse lowered its target price for Ping
An Insurance (02318) to HK$96 from HK$99 and maintained its "outperform" rating.
Despite high base, individual NB growth accelerated to 14% in October (up 3% in
September), said the research house. Looking ahead, Ping An targets steady agency growth,
and more importantly, productivity improvement with tech empowerment. P&C outpaced peers
with premium +22% in October.
Credit Suisse expects Ping An to reduce exposure of some short pay-term savings, as it
de-emphasises 1Q 2019 "jumpstart" sales. Margin/quality, however, should improve YoY and
quarterly FYP/VNB distribution should be more balanced. Overall, Credit Suisse expects
2019 full-year VNB to be largely intact. (KL)
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02318 PING AN
Nominal 
31.150 -0.250 (-0.796%) Others
15/11/2018 17:16
[I-bank focus]Credit Suisse lowers Ping An (02318) to HK$96
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