[ET Net News Agency, 16 August 2019] Daiwa Research raised its target price for Ping An
Insurance (02318) to HK$88 from HK$80 and upgraded its rating to "hold" from "sell", given
its recent share-price pullback.
The research house said Ping An's VNB margin rose 5.7pp in 1H. It pointed out that such
magnitude should have been well expected given Ping An has been talking about
"de-emphasising jumpstart" since 4Q 2018. Meanwhile, long-term protection business
contribution to VNB was further squeezed by 7pp to 60% in 1H, versus 70% or above during
2015-17.
Daiwa is more concerned about the slowing VNB momentum in the core life insurance
business as a result of the group-level strategy shift, evidenced by the decline in agency
long-term protection VNB. (KL)
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02318 PING AN
Nominal 
33.000 +0.950 (+2.964%) Others
16/08/2019 09:45
{I-bank focus}Daiwa ups Ping An Insurance (02318) to HK$88
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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