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HSBC Research Cuts PING AN (02318.HK) TP to $56, Rating Buy
2025-04-28 11:31:12
PING AN (02318.HK)'s VONB remained flat YoY on a reported basis, but grew 35% on a comparable basis over 1Q25 and 1Q24, mainly driven by improved margins, HSBC Global Research issued a research report saying.

The Group's operating profit per share rose 2.4% YoY in 1Q25, with life insurance growing 5%, while property & casualty insurance/ banking declining 16.4%/ 5.6% respectively.

HSBC Global Research cut its target price for PING AN's H-shares from $57 to $56, with rating kept at Buy, and expected the Company's operating profit per share/ DPS to increase at a CAGR of 7.1%/ 4.1% from 2024 to 2027 each.
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