Ping An Insurance Shares Climb After 1Q Profit Gain

Ping An Insurance's shares rose by 5.25% after reporting a 7.6% increase in operating profit for Q1, reaching 40.78 billion yuan. The stock peaked at 6.2% higher, marking its largest one-day gain since December. Despite a positive outlook on new business value, DBS Group Research analyst Ken Shih noted that market volatility could impact future investment income, leading to a target price reduction from HK$85.00 to HK$83.50. However, with a potential 38% upside and a 5.4% yield, the stock remains a buy recommendation.