[ET Net News Agency, 13 March 2019] BofA Merrill Lynch said Ping An Insurance's (02318)
FY2018 net profit of RMB107bn was 7% ahead of its estimate. Operating profit after tax
(OPAT) grew 19%, while annual DPS grew 28% to RMB1.92.
Post-FY2018 results, the research house raised its 2019-21 earnings estimates by 10% but
kept its VNB (value of new business) estimates unchanged. It reiterated its "buy" rating
and HK$91.01 target price.
BofAML awaited more guidance from the analyst meeting scheduled on 13 March. (KL)