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<Research>UBS Foresees PING AN 4Q24 OPAT Growth to Accelerate; DPS May Bring Surprise
Recommend 62 Positive 113 Negative 44 |
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PING AN (02318.HK)’s OPAT hiked 8.5% YoY in 2024, implying a 40% YoY rise in 4Q24, with accelerated growth propelled by reduced impairment pressures in its asset management (AM) business and improved performance in its property and casualty (P&C) insurance underwriting. The group's rebound in operating profit underpinned the turnaround in 4Q24, when it is expected to chart a net profit of RMB5 billion, compared with a net loss of RMB1.9 billion in the same period in 2023. Ping An's dividend may be a positive surprise, with NPAT expected to grow 45% in 2024, the broker said. Total DPS may rise 4% to RMB2.53, broadly in line with the group OPAT growth. Quarterly net asset value was expected to remain stable despite the rapid decline in bond yields in 4Q24. Following the DeepSeek breakthrough, Ping An has launched a group-wide pilot program aimed at enhancing customer insights, reducing costs and improving operational efficiency. The broker looked forward to more sharing from the group on its AI strategy at the upcoming 2024 results briefing. The H-share of the stock was rated Buy with a target price of $60. AAStocks Financial News |
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