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02318 PING AN
RTNominal up33.050 +0.400 (+1.225%)
Research Report

07/01/2020 10:29

{I-bank focus}Daiwa ups Ping An Insurance (02318) to HK$94

[ET Net News Agency, 7 January 2020] Daiwa Research raised its target price for Ping An
Insurance (02318) to HK$94 from HK$87 and maintained its "hold" rating.
The research house expects Ping An to deliver high-teens EV (enterprise value) and OPAT
(operating profit after tax) growth in 2020, driven mainly by its large existing life
protection business. In terms of new business, growth is still likely to be unexciting
after two straight years of single-digit growth.
Daiwa expects a further decline in Ping An's agent headcount in 2020 and a less
favourable VNB (value of new business) margin trend than previously. As a result, it
forecast Ping An's OPAT growth to slow to 17% in 2020, from around 20% in 2018 and 2019.
(KL)

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