How much of the negatives are priced in?
- Our stress test suggests another 14%-30% downside risk, negatives should have priced in
- The stress test on a conservative basis with 5%-50% impairment across asset classes and additional 0.8x justified P/B applied to the post-impairment fair value
- Three potential events may signal positive investment sentiment and beef up share prices
- Suggest investors gradually accumulate shares upon share price pullback. We like Ping An (2318 HK) for its leading market position
