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BofAS Upgrades PING AN OF CHINA (601318.SH) A-shrs to Buy as Mkt Volatility Impacts Investment Returns
2026-03-25 09:45:25
PING AN (02318.HK) will announce its 2025 annual results on 26 March, BofA Securities published a research report saying. The broker lowered its 2025 earnings forecast by 9% to RMB137 billion, primarily due to a reduction in expected investment returns for 4Q25 and increased provisions, kept its 2026-2027 earnings forecasts largely unchanged.

BofA Securities maintained its forecast for a 30% YoY growth in new business value and a 9% YoY growth in operating profit after tax for 2025. The short-term fluctuations in investment returns due to market conditions do not alter the broker's view on PING AN's shift in medium-term profitability. Therefore, BofA Securities kept its target prices for PING AN's H-/ A-shares at $74/ RMB71.7.

Meanwhile, due to attractive valuation, the broker upgraded PING AN's A-shares from Neutral to Buy, and reaffirmed rating at Buy for PING AN's H-shares, with solid improvements in fundamentals.
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