CMBI Expects PING AN 2Q Operating Profit Growth Momentum to Continue, New Business Value Growth to Slow
I'm LongbridgeAI, I can summarize articles.CMBI maintains a 'Buy' rating on Ping An, forecasting 1H25 operating profit growth of 7.2% YoY and net profit increase of 23%. While life insurance OPAT is expected to grow 3%, new business value growth is projected to slow to flat in Q2. CMBI sets target prices at HKD86 for H-shares and RMB75 for A-shares based on SOTP valuation.
CMBI issued a research report expecting PING AN (02318.HK) +0.050 (+0.089%) Short selling $219.95M; Ratio 33.419% 's group operating profit attributable to shareholders (OPAT) for 1H25 to grow 7.2% YoY, while 2Q operating profit is expected to rise 6.8% YoY, continuing the steady growth trend. Net profit for 1H25 is forecast to increase 23% YoY. By segment, operating profit of the life and health insurance business is expected to grow 3% YoY in 1H25, while new business contractual service margin (NB CSM) is projected to achieve mid-double-digit growth. The property and casualty insurance combined operating ratio (COR) is expected to be 95.1%, improving by 0.1 ppts YoY. New business value is expected to rise 12% YoY in 1H25 and remain flat YoY in 2Q.
CMBI maintained its positive view on the growth outlook for PING AN (02318.HK) +0.050 (+0.089%) Short selling $219.95M; Ratio 33.419% 's core earnings indicators and reiterated its "Buy" rating. Based on SOTP valuation, the H-share TP is HKD86, while the A-share TP for PING AN OF CHINA (601318.SH) +1.020 (+1.929%) is RMB75. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-22 12:25.) (A Shares quote is delayed for at least 15 mins.)