0332 GMT - Ping An Insurance may face continued selling pressure in the short term due to underwhelming results, after 2023 net profit slid 23% and missed market expectations, UOB Kay Hian analyst Kenny Lim Yong Hui says in a note. "However, buying opportunities would emerge if Ping An's premium data exceeds expectations or if the Chinese stock market experiences a broader sentiment improvement," the brokerage says. UOB KH expects the insurer to struggle in 2Q due to a high-base effect, which should fade in 2H. Overall, the brokerage forecasts a mid-to-high-single-digit growth for 2024 new business value on a like-for-like basis. UOB KH trims its target to HK$52.00 from HK$57.00 while maintaining a buy rating. Shares are last at HK$32.85. (hoishan.chan@wsj.com)
(END) Dow Jones Newswires
March 26, 2024 23:32 ET (03:32 GMT)
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