Ping An 2318

[winston]

not vested

1Q26: Resilient Earnings Amid Equity Market Softness

Ping An’s OPAT rose 7.6% yoy, led by a sequential recovery in the life, banking and asset management businesses while net profit declined 7.4% yoy due to sluggish equity market performance.

NBV grew 20.8% yoy, thanks to strong sales despite margin pressure.

Maintain BUY with an unchanged target price of HK$75.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

Ping An NDR takeaways: Eyeing a 15%+ ROE as the medium-term goal

Capital optimisation among subsidiaries is underway, targeting a medium-term ROE of 15%

Bancassurance remains a key VNB growth driver, with outlet expansion and productivity enhancement driving growth; margin outlook remains robust

Dividend yield from banking stock investments, sustainable at 7% to 8%, helps to mitigate reinvestment risk; asset management business turning profitable in FY26F is a positive delight

Confident in achieving double-digit VNB growth in FY26F and >15% ROE in the medium term. Reiterate BUY. TP HK$83.50

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=31005