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<Research>CMBI Raises PING AN (02318.HK) TP to $90, Expects ~42% Growth in 2025 NBV
Recommend 17 Positive 20 Negative 6 |
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CMBI issued a research report keeping rating at Buy on PING AN (02318.HK), and raising its target price for PING AN's H-shares from $75 to $90, corresponding to a forecasted price-to-embedded value (PEV) ratio of approx. 0.9x and a PB ratio of 1.24x for 2026. PING AN continued to expand its bancassurance channels, currently covering about 19,000 non-Ping An Bank outlets, the report added. The broker believed that, given the trend of household depositors seeking solid returns, the bancassurance channel has further penetration potential. It is expected that PING AN's new business value (NBV) will grow by 41.7%/ 17.7% YoY in 2025/ 2026, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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