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<Research>UBS Expects PING AN (02318.HK) 2Q NPAT to Rise 5.9% YoY, VNB to Hike 43%
Recommend 77 Positive 112 Negative 50 |
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PING AN (02318.HK) will announce its 1H25 results at the end of August, UBS released a research report saying. The broker currently forecasted that its interim operating profit after tax (OPAT) will grow by 3.5% YoY, with the growth rate accelerating to 4.5% in 2Q25 from 2.4% in 1Q25. This is mainly due to the asset management business benefiting from the recovery of the capital market and the P&C business seeing a rise in bond fair value amid lower interest rate. UBS predicted that PING AN's 1H25 net profit after tax (NPAT) will fall by about 10%, implying a 5.9% growth in 2Q25, compared to a 26% drop in 1Q25, primarily driven by better stock market performance and rising bond values, partially offsetting the impact from convertible bond value. UBS also estimated that 2Q25/ 1H25 VNB will hike 43%/ 38% YoY, outperforming peers. Based on the improved macro environment and decreased interest spread risk, the broker lifted its target price from $60 to $66, with rating kept at Buy for PING AN. AASTOCKS Financial News Website: www.aastocks.com |
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