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大行评级|招银国际:上调中国平安目标价至65.1港元 维持“买入”评级

Major rating upgrade | CICC International: Raises ping an insurance's target price to HKD 65.1, maintains a 'buy' rating.

Gelonghui Finance ·  Oct 25 10:34  · Ratings

CICC's report stated that ping an insurance achieved strong performance in the third quarter of 2024, with group net income and the new business value of life and health insurance doubling. Moving into the fourth quarter of 2024, as the business becomes increasingly clear, the bank expects ping an insurance's new business value to grow by more than 20% in the 2024 fiscal year, and it may maintain this growth momentum in the first quarter of 2025. With the rebound in investment income and the low base in the fourth quarter of 2023, the bank believes that ping an insurance's performance in the second half of 2024 is expected to exceed expectations.

Therefore, the bank has raised its earnings per share forecast for ping an insurance for the fiscal years 2024 to 2026 by 14%, 7%, and 3%, reaching 7.44 yuan, 7.57 yuan, and 7.9 yuan respectively, benefiting from a clear outlook on stable insurance and investment returns. The bank has raised the target price of ping an insurance listed in Hong Kong from HK$52 to HK$65.1 and maintains a "buy" rating.

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