Nomura indicated that Ping An of China (02318)'s net profit and after-tax operating profit (OPAT) for the first quarter of 2024 both exceeded expectations.
The Zhitong Finance App learned that Nomura released a research report saying that maintaining the Ping An of China (02318) “buy” rating, both net profit and after-tax operating profit (OPAT) for the first quarter of 2024 exceeded expectations, and the target price was raised 0.5% from HK$54.12 to HK$54.41.
According to the report, Pingbao's net profit for the first quarter reached 36 billion yuan, 13% higher than the bank's forecast, and the new life business value (NBV) was also better than the forecast. The company's first-quarter life insurance net profit increased by 0.7% to 25.1 billion yuan, which was 17% higher than the forecast, mainly due to negative investment differences; favorable business portfolio changes and profit margin expansion, which led to an annual increase of 21% to 12.9 billion yuan in the value of the new business in the first quarter, which is 5% higher than the bank's forecast.