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<Research>BOCOMI: PING AN Earnings Solid; VONB Rate Beats
Recommend 31 Positive 65 Negative 24 |
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BOCOMI released a report, pointing out that PING AN (02318.HK)'s 1Q24 earnings were solid despite a high base, and its three core businesses remained stable overall. The broker maintained its earnings estimates, and lifted its VONB forecasts. With the base lowering in the following quarters, the company's earnings improvement trend became visible, the broker said, keeping a Buy rating on the H-share, with a TP of $51. According to the report, PING AN's 1Q24 VONB growth of 20.7% YoY topped expectations. The broker expected that there is still room to optimize the product mix for the full year and the VONB rate will continue to improve vs 1Q24. AAStocks Financial News |
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