DBS: Ping An Insurance Group Co of China Ltd – Buy Target Price HK$66
alanyeo
Integrated Finance ecosystem to gauge long-term growth
Ping An’s investor day shed light on its Integrated Finance ecosystem, which lifted Ping An to achieve almost twice the operating ROE of listed China insurers in the past three years
Three key metrics set by management paving way to achieve an ambitious target of doubling or even tripling OPAT by 2030
Despite a short-term growth slowdown due to stricter regulations, Ping An is likely to maintain its leading position among peers in this round of VNB growth cycle
Maintain BUY, cut TP to HK$66 to reflect slowdown of VNB growth and weak performance in Asset Management segment
