M Stanley Raises PING AN TP to HKD92, Rates Overweight
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Morgan Stanley has raised its target price on PING ANto HKD92 from HKD89, maintaining an Overweight rating. The adjustment follows the company's 1Q26 results, with slight increases in operating profit after tax (OPAT) forecasts for 2026-2028 by 0.3% to 0.6%, driven by a more optimistic outlook on the asset management segment. However, forecasts for the value of new business (VNB) were lowered by about 2% due to tighter regulatory supervision. Despite this, growth in the bancassurance channel and life insurance VNB is expected to remain strong.
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