DAIWA: Raised target price for Ping An Insurance (02318.HK) to 70 Hong Kong dollars, maintaining "buy" rating.

According to the Wisdom Finance APP, Morgan Stanley released a research report stating that based on mid-term performance, the operating profit per share forecast for China Ping An (02318.HK) from 2025 to 2027 has been raised by 1.9%, 0.4%, and 0.6% respectively. The forecast for new business value has been raised by 3.8%, 3.9%, and 1.3% respectively, to reflect the improvement in new business value profit margins. The target price has been raised from 69 Hong Kong dollars to 70 Hong Kong dollars, equivalent to a forecast of 1.2 times the price-to-book ratio for this year, maintaining a "hold" rating. The bank expects that Ping An will enter the late stage of risk reduction. As the Chinese real estate market and risk cycle gradually bottom out, its core life insurance business may be able to achieve high-quality growth with a stable brokerage team, improved brokerage productivity, and lower debt costs compared to peers.