[ET Net News Agency, 10 February 2021] Morgan Stanley tweaked its target price for Ping
An Insurance (02318) to HK$118 from HK$121 to reflect declined dividend forecasts and
maintained its "overweight" rating.
The research house incorporated Ping An's 2020 full-year results into its model. In
2020, Life VNB declined by 35% and was 6% lower than Morgan's previous estimate. Morgan
cut its 2021 VNB forecast by 7%, to Rmb54.2bn, still implying a 9% full-year growth from
2020, unchanged from its previous growth rate estimate.
Morgan also cut its 2022 VNB forecast by 6% but maintained its 2022 VNB growth estimate
at 15%. It cut its Group OPAT forecasts for 2021 and 2022 by 2% and 5%, respectively, on
potentially slower residual margin amortization and lower positive operating variances.
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02318 PING AN
Nominal 
31.150 -0.250 (-0.796%) Research Report
10/02/2021 18:01
{I-bank focus}Morgan tweaks Ping An (02318) to HK$118
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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