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02318 PING AN
RTNominal down31.150 -0.250 (-0.796%)

07/11/2023 14:10

{I-bank focus}Daiwa lowers Ping An (02318) to HKD35, "sell"

[ET Net News Agency, 7 November 2023] Daiwa lowered its target price for Ping An (02318)
to HKD35 from HKD45 and downgraded its rating to "sell" from "hold".
The research house said in the aftermath of a multi-year VNB decline and deterioration
in business quality, the contractual service margin (CSM) has been compromised. Hence it
sees that Ping An's OPAT has entered a post-growth phase and estimate -2 to +2% YoY growth
only for 2023-25E.
Also, Ping An Bank is facing an unfavourable macro backdrop of low risk appetite from
affluent individuals and moderate consumer discretionary spending. Hence, its retail fee
income is no longer able to offset the NIM squeeze and its OPAT also swings between -5%
and +5%. (RC)

Remark: Real time quote last updated: 19/04/2024 18:00
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