Morgan Stanley: Expects Ping An's operating profit after tax in the third quarter to increase by 8.1% year-on-year

Morgan Stanley released a research report stating that overall, it expects Ping An Insurance's third-quarter performance to be robust, particularly with the continuous improvement in new business value and after-tax operating profit, as well as strong net profit driven by high growth in the life insurance business. The firm has given Ping An an "Overweight" rating with a target price of HKD 70. It is expected that Ping An's after-tax operating profit in the third quarter will increase by 8.1% year-on-year, and under the same benchmark, the growth rate for the first nine months of this year will rise to 5%. Additionally, due to favorable stock market conditions and higher allocations, net profit in the third quarter may grow by 31% year-on-year, driving a 6% year-on-year increase for the first nine months of this year. Furthermore, Morgan Stanley anticipates higher FYP growth, with profit margins also moderately improving, leading to a 45% growth in new business value for the third quarter, and a growth rate of 42% for the first nine months of this year