JPMorgan Reaffirms Overweight Stance on Ping An with HK$90 Price Target

Deep News08:30

JPMorgan released a research report maintaining an "Overweight" rating on PING AN (02318) with a target price of HK$90. The bank considers the valuation reasonable based on a projected 2027 fiscal year price-to-earnings ratio of 7 times and a dividend yield of 6%. The report stated that the group's first-quarter results this year largely alleviated market-related concerns. During the period, new business value reached RMB 15.6 billion, a 21% year-on-year increase, while core profit (operating profit after tax) amounted to RMB 40.8 billion, up 7.6% year-on-year, both meeting or exceeding the bank's expectations. The bank expressed surprise at the strong growth in life insurance sales volume and the resilience of product margins.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment