Under the banner of "Big Banks," the target price for Ping An Insurance has been lowered to 82 yuan with a rating of "Buy."

Citi published a research report, updating the forecast model for Ping An Insurance (02318.HK), lowering the earnings per share forecast for the fiscal years 2026 and 2027 by 5% and 4%, respectively, and introducing the forecast for the fiscal year 2028. The bank lowered its target price for H shares based on the sum-of-the-parts valuation method from HKD 85.5 to HKD 82, and the target price for A shares (601318.SH) from RMB 80.8 to RMB 77.5, maintaining a "Buy" rating.

The bank stated that the new target price corresponds to a price-to-embedded value multiple of 0.84 times for 2026. Citi is optimistic about Ping An as a pioneer in life insurance reform, noting that the management team is strong in execution and forward-thinking, and should benefit in the long term from ongoing life insurance reforms, with minimal sensitivity to the reserve cycle