[ET Net News Agency, 5 August 2020] CMB International Securities (CMBIS) initiated
coverage on Ping An Insurance (02318) with a "buy" rating and a target price of HK$96.06.
Throughout years, Ping An has been pushing the boundaries of finance and technology,
aiming to become a world-leading technology-powered retail financial services group, said
the research house.
CMBIS noted that Ping An's "finance + technology" business model constitutes a positive
feedback loop to drive secular growth. Its pro-innovation culture, insurance business
upgrade, group finance initiatives and potential unlock of more technology value will
continue to open new frontiers for Ping An.
It expects the group's net profit to increase by 0.6%/13.9%/12.3% in 2020/21/22 to
RMB150.3bn/RMB171.2bn/RMB192.2bn on the steady growth of each business segment. (KL)