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<Research>Nomura Trims PING AN (02318.HK) TP to $54.12, Estimates 1Q NBV Growth Strong but OPAT Weak
Recommend 46 Positive 60 Negative 22 |
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Nomura released a research report, viewing that PING AN (02318.HK)'s NBV growth outlook is positive, with 1Q24 NBV likely to remain strong. Yet, the OPAT may deteriorate under the impact of a high base, which was expected to fall 8% YoY to RMB36.8 billion. The net profit was forecast to drop 17% to RMB32 billion. Nomura projected PING AN's OPAT and profit to drop in 1Q24, mainly due to a relative high base in equity investment returns and weakened bank earnings. Nomura forecast a 15% YoY growth in NBV for PING AN's life in 1Q24, with life OPAT estimated to fall 1% YoY. The broker trimmed its TP to $54.12 from $59.64, and rated the company Buy. AAStocks Financial News |
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