Goldman Sachs believes that China Ping An (02318) will experience strong growth in net income and operating profit in the 2024 fiscal year.
According to the Zhongtong Finance APP, Goldman Sachs has released a research report stating that it has given a "buy" rating to China Ping An (02318), and believes that its net income and operating profit will show strong growth in the 2024 fiscal year, with a target price of HKD55. China Ping An is most sensitive to macroeconomic recovery and policy support for the real estate industry among the companies covered by the bank.
The report stated that China Ping An chose to increase its shareholding in Lufax (06623) by offering shares instead of paying dividends, raising its stake to 56.82%. Goldman Sachs pointed out that Lufax's net income in the 2023 fiscal year is only about 1% of Ping An's, so the bank believes that the short-term financial impact will be limited.