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<Research>M Stanley Axes PING AN (02318.HK) TP to HKD89, Maintains Overweight Rating as Top Pick
Recommend 29 Positive 52 Negative 20 |
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After PING AN (02318.HK) announced its 2025 results, Morgan Stanley updated its risk-reward assessment and made slight adjustments to most key indicators on the company. Morgan Stanley trimmed its forecasts for VNB for FY26E and FY27E by no more than 0.5%, mainly factoring in the bancassurance channel; meanwhile, it lowered its forecasts for OPAT for FY26E and FY27E by 0.5%, citing potential market volatility in the P&C segment. As a result, Morgan Stanley axed its TP for PING AN by 6% to HKD89 from HKD95, primarily considering the impact of OPAT and a more sustainable and stable growth in DPS. It maintained an Overweight rating. However, the broker continued to list PING AN as a top pick, expecting the company to achieve very healthy growth in VNB on the back of solid fundamentals, with the drag from the property sector gradually fading. Auto-translated by AI AASTOCKS Financial News |
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