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<Research>JPM Upgrades PING AN to Overweight, Raises TP to $70
Recommend 30 Positive 55 Negative 18 |
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According to a report from JPMorgan, PING AN (02318.HK)'s 2024 main financial indicators beat the broker's and the market's expectations after excluding the significant losses from the asset management division that caused last year's net profit to fall short of the broker's and the market's expectations. In JPMorgan's opinion, PING AN's life insurance business appeared to be bottoming out with an increase in the number of agents and more realistic actuarial assumptions, including a decline in investment yield. The report also noted that PING AN's total dividend per share last year was RMB2.55, up 5% YoY, exceeding the broker's and the market's expectations. JPMorgan lifted its target price for PING AN's H-shares from $50 to $70 and upgraded the rating from Neutral to Overweight. AAStocks Financial News |
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