[ET Net News Agency, 5 February 2021] Nomura cut its target price for Ping An Insurance
(02318) to HK$114.88 from HK$116.7 and maintained its "buy" rating.
The research house cited Ping An's management guiding no V-shaped recovery for Life NBV
this year but is confident of delivering positive growth. Ping An's life reform will focus
more on quality, and it will keep agents force at around 1mn for the next three years,
with the attributes of high quality, high income and high productivity.
Looking forward, Nomura thinks the worst of life business growth is behind us,
considering (1) strong open year sales with NBV estimated by us to grow 15%, and (2) the
completion of life reform key projects by end-2020.
Nomura maintained its positive outlook on life insurance business recovery but lowered
its FY2021/22 NBV forecasts by 4%/7%, owing to the recent regional COVID-19 outbreaks in
mainland China. It now forecasted NBV to grow 10%/13%/16% for FY2021/22/23. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
02318 PING AN
Nominal 
37.200 +1.450 (+4.056%) Research Report
05/02/2021 17:11
{I-bank focus}Nomura cuts Ping An (02318) to HK$114.88
| Remark: | Real time quote last updated: 19/09/2024 12:30 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |