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<Research>HSBC Research Lifts PING AN's TP to HKD84; Core Biz Pipeline Shows Continued Improvement
Recommend 26 Positive 33 Negative 23 |
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PING AN (02318.HK) reported 1Q26 new business value rising 21% YoY, benefiting from a 46% YoY increase in first-year premiums, which partly offset the impact of a 4.8 ppts decline in new business value margin, according to a report from HSBC Global Research. Supported by life and health insurance, banking, and asset management businesses, PING AN's post-tax operating profit increased by 8% YoY, 3% above market expectations. Shareholders equity also rose by 2% compared with the end of last year. HSBC Global Research lifted its target price for PING AN to HKD84 from HKD83 and kept the Buy rating unchanged, believing that the major business pipeline is continuing to improve, banking profitability appears to have reached an inflection point, and impairment pressure in the asset management business is easing. Auto-translated by AI AASTOCKS Financial News |
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