not vested
<Research Report>Citi Cuts TP of PING AN (02318.HK) to $52.6, Results Miss2024/03/22
Citi Research lowered its target price on PING AN (02318.HK) from $54.5 to $52.6 and maintained its Buy rating.
The broker also lowered its earnings per share forecasts for this year and next year by 3.1% and 2.8%, respectively, to reflect last year's weaker-than-expected results.
The broker said PING AN's earnings, operating profit after tax (OPAT) and embedded value (EV) were all weaker than expected last year, even though the value of new business (VONB) was solid and the dividend per share (DPS) was maintained.
The group's OPAT contracted by 20% YoY to RMB118 billion last year, while net asset management loss widened from RMB5.8 billion in 3Q23 to RMB16.4 billion in 4Q23.
2023 full-year and 2H23 net profit crumpled 23% and 61% YoY respectively.
Total DPS for the year was maintained at RMB2.43, in line with expectations.
PING AN's EV declined significantly by 7% HoH to RMB139 billion in 2H23, mainly due to investment variations and assumption changes.
For the full year, VONB increased by 8% YoY on an actual basis, based on a 0.5-ppt reduction in the long-term investment return assumption to 4.5% and a reduction in the risk discount rate from 11% to 9.5%.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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