[ET Net News Agency, 4 June 2020] Nomura lowered its target price for Ping An Insurance
(02318) to HK$106.31 from HK$108.29 and maintained its "buy" rating.
The research house cut its FY2020 NBV (new business value) growth forecast to 0% from
3%, as the pressure from COVID-19 social distancing continues into 2Q despite the gradual
business recovery.
Nomura expects a better recovery in 2H, based on management's comments at the Nomura
Investment Forum Asia virtual conference on 3 June. Meanwhile, it lifted its FY2021 NBV
growth forecast to 10% from 9% as Nomura thinks the ongoing comprehensive life
transformation, which will conclude by end-2020 according to management guidance, will lay
a solid foundation for future business growth from FY2021. (KL)