Analyst Kenny Lim of UOB Kay Hian maintained a Buy rating on Ping An Insurance Company of China, with a price target of HK$69.00.
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Kenny Lim has given his Buy rating due to a combination of factors that highlight Ping An Insurance Group’s robust performance and growth potential. The company’s operating profit after tax (OPAT) saw a year-on-year increase of 3.7% in the first half of 2025, aligning with expectations. This growth was primarily driven by strong performances in the life and property & casualty (P&C) segments, as well as a recovery in the asset management business. Despite a sluggish performance from Ping An Bank, the overall financial health of the company remains solid.
Kenny Lim also notes the significant acceleration in new business value (NBV) growth, which surged by 40% year-on-year, supported by a rebound in first-year premium growth and continued margin expansion. The management’s optimism about sustaining OPAT and NBV momentum into the second half of 2025 further reinforces the Buy rating. Additionally, the company’s ability to maintain a stable dividend payout ratio, despite a slight drop in net profit due to a one-off impairment loss, demonstrates its resilience and commitment to shareholder returns.
In another report released today, CMB International Securities also maintained a Buy rating on the stock with a HK$71.00 price target.