Futu News reported on January 17 that Ping An of China suddenly rose strongly at the end of the session, hitting a new listing high of HK$99.45 and approaching the HK$100 mark. As of press release, it had risen 4.09% to HK$99.35, with a turnover of HK$4.315 billion.

Ping An recently announced that the total premium income from the original insurance contract in 2019 was 794.6 billion yuan, an increase of 10.5% over the previous year, ranking first in the original premium scale of listed insurers.

BOCOM International released a report saying that Ping An of China has a long-term stable strategy, perfect management, a strong agent team, and technological empowerment advantages. Short-term fluctuations will not change the company's medium- to long-term value growth trend. The bank expects that the growth rate of Ping An's new business value in 2019 may be slightly lower than the previous 5% guideline, but the company will still stick to the direction of transforming to a guaranteed business, and the new business value growth rate in 2020 is still expected to accelerate compared to this year; it is expected that the agent growth rate will accelerate in 2020.

The bank said that in terms of industry policy, regulating and liberalizing sales of both short- and medium-term insurance will increase the rate of premium growth in the industry and help agents increase the number and retention of agents. Ping An of China will continue its strategy of downplaying a good start this year. The short-term premium growth rate may lag behind its peers, but it will not change the direction of long-term growth in its value.

Based on this, BOCOM International gave Ping An China a “buy” rating, with a target price of HK$115.