[ET Net News Agency, 5 August 2020] Nomura cut its target price for Ping An Insurance
(0203018) to HK$109.6 from HK$110.15 and maintained its "buy" rating.
The research house expects NBV (new business value) to decrease by 23% for 1H, implying
a 22% slump in 2Q. Ping An Life's business growth fell behind peers during COVID-19,
reflecting (1) the urgency to transit the life business to an online platform, which is
the major part of its ongoing reform, and (2) insufficient tech support for the life
business.
Nomura expects Ping An to return to positive growth starting FY2021 after the completion
of the reform. Meanwhile, it expects NBV to increase by 7% for 2H. Thus, Nomura cut FY2020
NBV by 4%, implying NBV growth of -9% for FY2020. (KL)
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02318 PING AN
Nominal 
36.900 +1.150 (+3.217%) Research Report
05/08/2020 10:57
{I-bank focus}Nomura lowers Ping An (0203018) to HK$109.6
| Remark: | Real time quote last updated: 19/09/2024 10:47 |
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