BUZZ-Ping An's Hong Kong shares hit 5-week low as annual profit dips

Reuters03-22

** Hong Kong shares of Ping An Insurance (Group) Co of China

fall 7.5% to HK$32.85, their lowest since Feb 14

** Stock on course for the biggest one-day pct decline since October 2022; biggest pct loser in Hang Seng Finance Index

and third-biggest decliner in Hang Seng Composite Index on financials stocks

** Ping An's Shanghai stocks fall 4.1% to 40.29 yuan, lowest since Feb 5

** The insurance giant saw a 22.8% drop in net profit to 85.67 bln yuan ($11.9 bln) in 2023, as compared to 111.01 bln yuan profit a year earlier

** Citi revises down Ping An's estimates after profit misses forecast, trims target price of Ping An's Hong Kong shares to HK$52.6 from HK$54.5 and cuts A-share target price to 48.4 yuan from 50.1 yuan

** Hang Seng Composite Index tracking financials stocks

falls 1.9%, Hang Seng Finance Index declines 2% and Hang Seng Index down 3.04%

** Ping An's Hong Kong stock down 6.6% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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