＜Research＞CICC Cuts TP of PING AN (02318.HK) to $55.65, Keeps Outperform Rating

　　CICC forecasted in a report that PING AN (02318.HK) -0.600 (-1.628%) Short selling $390.40M; Ratio 21.843% would report a 10.2% YoY growth in value of new business in 1H24, with the combined ratio (CoR) of its property and casualty business set to rise 0.8 ppts YoY to 98.8%.

　　The broker expected PING AN's operating profit and net profit to grow by 3.2% and 13.1% YoY in 2Q24, as well as flat and up 3.6% YoY respectively in 1H24.

　　Related NewsUBS: If PING AN (02318.HK) Issues US$2B-US$5B CB, Full Exercise Will Cause 1.8-4.9% Dilution Impact

　　CICC maintained an Outperform rating on PING AN's A- and H- shares. Nevertheless, taking into account factors such as investor sentiment in the Hong Kong stock market, the broker maintained its A-share target price of RMB63.5, but dropped its H-share target price by 13% to HK$55.65.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-12 16:25.)

　　AAStocks Financial News