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02318
PING AN
HKD
68.450-1.100
(-1.58%)
1D
High
70.450
Open
70.300
VWAP
68.68
Vol
29.86M
Mkt Cap
1.03T
Low
68.100
Amount
2.05B
EV/EBITDA(TTM)
34.08
Total Shares
18.11B
EV
6.96T
EV/OCF(TTM)
24.21
P/S(TTM)
1.49
Ping An Insurance (Group) Co of China Ltd is a China-based company primarily engaged in insurance business. The Company operates in six segments. Life and Health Insurance segment offers life insurance products to individual and corporate customers, including including term, whole-life, endowment, annuity, investment-linked, universal life insurance, and others. Property and Casualty Insurance segment offers property insurance products, including auto insurance, property insurance, accident and health insurance, and others. Banking segment undertakes loans, intermediary business, wealth management, credit card services, and others. Asset Management segment provides trust products services, brokerage services, trading services, investment banking services, and other asset management services. Finance Enablement segment provides financial and daily-life services through the Internet platforms. The Other Businesses segment is engaged in other insurance related businesses.
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News
8.5
01-13aastocksPinnedPING AN Aims to Offer 34% Stake in SZSE for a Starting Price of RMB408M
Ping An's Stake Sale: Ping An has publicly listed its entire stake in the Shenzhen Stock Exchange, involving 170 million shares, which is 34% of the total equity, for a base price of RMB408 million (RMB2.4 per share).
Short Selling Activity: The company has reported short selling of $1.21 billion, with a short selling ratio of 36.204%.
2.0
01-13aastocksShort Selling Activity Reaches $24.1B, Representing 15.3% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $24.1 billion at midday, accounting for 15.3% of the eligible securities turnover, slightly down from 16.2% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include CSOP HS TECH, BABA-W, TENCENT, PING AN, and XIAOMI-W, with CSOP HS TECH leading at $4.52 billion and a short selling ratio of 54.2%.
CSOP HS TECH Performance: CSOP HS TECH (03033.HK) showed a short selling turnover of $4.52 billion, with a notable short selling ratio of 54.2%, indicating significant market interest.
Other Notable Stocks: BABA-W had a short selling turnover of $2.27 billion (14.3% ratio), TENCENT at $813.94 million (9.7% ratio), PING AN at $796.55 million (38.2% ratio), and XIAOMI-W at $719.47 million (18.1% ratio).
6.5
01-13aastocksKGI Projects HSI to Reach 30,000 by Year-End, Suggests 12 Stocks Including XPENG-W, UBTECH ROBOTICS, TENCENT, and BABA-W
China's GDP Growth Outlook: KGI estimates that external pressures will slow China's GDP growth to 4.6% this year, despite reduced risks from recent trade agreements.
HSI Forecast: KGI maintains a bullish outlook for the Hang Seng Index (HSI), predicting that Fed rate cuts will attract capital back into H- and A-shares, with a year-end target of 30,000, indicating a potential 14% increase.
Stock Recommendations: KGI has recommended 12 major stocks, including XPENG-W, UBTECH ROBOTICS, TENCENT, and BABA-W, highlighting their performance and short selling ratios.
Market Sentiment: The report reflects a positive sentiment towards the Chinese A-share market, driven by anticipated earnings growth, as noted by Jefferies.
4.5
01-13aastocksM Stanley's Updated Focus List for HK Stocks (Table)
Stock Performance Overview: Various stocks show potential upside to target prices, with Alibaba (BABA.US) at 16.5% and Contemporary Amperex (300750.SZ) leading at 32.7%.
Short Selling Insights: Significant short selling activity is noted, particularly in Ping An (02318.HK) with a ratio of 24.097% and Tencent (00700.HK) at 11.558%.
Market Movements: Stocks like Yangtze Power (600900.SH) and HKT-SS (06823.HK) show minor fluctuations, while others like Espressif (688018.SH) and Inovance Tech (300124.SZ) experience declines.
Delayed Quotes: Stock quotes for HK stocks are delayed by at least 15 minutes, and A Shares quotes are similarly delayed, indicating the need for real-time data for accurate trading decisions.
6.5
01-13aastocksM Stanley Forecasts Strong Performance for CN Insurers This Year, Citing Regulatory Policies and Market Investment Sentiment as Major Drivers
Morgan Stanley's Projections: Morgan Stanley forecasts that Chinese insurers will excel in 2026 due to strong sales growth, improved business quality, and a favorable investment climate, with regulatory policies and market sentiment as key drivers.
Upcoming Earnings Announcements: Chinese insurers are set to release their earnings forecasts next month, with results for 2025 and Q1 2026 expected by the end of March and April, respectively, which are seen as important indicators for the sector's upcycle.
Citi's Insights on PING AN: Citi anticipates that PING AN will show significant growth in new business value (NBV) in Q1 2026, while its 2025 results are expected to align with market expectations.
Positive Outlook for CHINA LIFE: Morgan Stanley expects CHINA LIFE to issue a positive profit alert by the end of this month, potentially surprising the market positively.
Money Flow
Over the past 66 trading days, overall net money flow is 1.57B, with retail investors contributing 15.81M and major investors adding 1.15B.
Net Buy $ Volume
Net Sell $ Volume
UBS
maintain
$70
2025-12-08
Reason
The analyst rating for PING AN (02318.HK) is a Buy, primarily due to several key factors highlighted in the UBS research report. These include:
1. Attractive Risk/Reward: The stock presents a favorable risk/reward profile, making it an appealing investment choice.
2. Strong Growth Acceleration: UBS anticipates significant growth in the group's operating profit after tax (OPAT) in the fourth quarter of 2025.
3. High Expected Dividend Yields: The expected dividend yields of 4.9% for 2025 and 5.1% for 2026 are relatively high, which adds to the stock's attractiveness.
4. Clear Dividend Policy: The presence of a clear dividend policy further enhances investor confidence in the stock.
Overall, these factors contribute to UBS's positive outlook on PING AN, reinforcing its position as a top pick in the insurance sector.
UBS
Price Target
$70
2025-12-08
maintain
The analyst rating for PING AN (02318.HK) is a Buy, primarily due to several key factors highlighted in the UBS research report. These include:
1. Attractive Risk/Reward: The stock presents a favorable risk/reward profile, making it an appealing investment choice.
2. Strong Growth Acceleration: UBS anticipates significant growth in the group's operating profit after tax (OPAT) in the fourth quarter of 2025.
3. High Expected Dividend Yields: The expected dividend yields of 4.9% for 2025 and 5.1% for 2026 are relatively high, which adds to the stock's attractiveness.
4. Clear Dividend Policy: The presence of a clear dividend policy further enhances investor confidence in the stock.
Overall, these factors contribute to UBS's positive outlook on PING AN, reinforcing its position as a top pick in the insurance sector.
Morgan Stanley
maintain
2025-12-08
Reason
The analyst rating from Morgan Stanley is based on the belief that the recent measures issued by China's National Administration of Financial Regulation (NAFR) will benefit insurers by easing capital requirements and encouraging them to invest in the stock market as long-term investors. This is expected to lead to continued inflows of insurance funds into the stock market, which could positively impact equity markets. As a result, Morgan Stanley reiterated its top pick view on PING AN, anticipating that the company could further benefit from the new regulatory rule.
Morgan Stanley
Price Target
2025-12-08
maintain
The analyst rating from Morgan Stanley is based on the belief that the recent measures issued by China's National Administration of Financial Regulation (NAFR) will benefit insurers by easing capital requirements and encouraging them to invest in the stock market as long-term investors. This is expected to lead to continued inflows of insurance funds into the stock market, which could positively impact equity markets. As a result, Morgan Stanley reiterated its top pick view on PING AN, anticipating that the company could further benefit from the new regulatory rule.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$89
2025-12-05
Reason
Morgan Stanley's positive analyst rating for PING AN (02318.HK) is based on the belief that the company can capitalize on key opportunities in wealth management, healthcare, and senior care services. The firm noted that investor concerns are diminishing, which could lead to a revaluation of the stock. Additionally, the report highlights PING AN's significant growth potential, driven by the solid growth of Chinese household wealth, with financial assets projected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2030, reaching RMB440 trillion. This growth is expected to benefit insurance products, positioning PING AN as a major beneficiary in these sectors. As a result, Morgan Stanley reiterated an Overweight rating for PING AN's H-/A-shares and raised its target prices by 27% and 21%, respectively.
Morgan Stanley
Overweight
Price Target
$89
2025-12-05
maintain
Morgan Stanley's positive analyst rating for PING AN (02318.HK) is based on the belief that the company can capitalize on key opportunities in wealth management, healthcare, and senior care services. The firm noted that investor concerns are diminishing, which could lead to a revaluation of the stock. Additionally, the report highlights PING AN's significant growth potential, driven by the solid growth of Chinese household wealth, with financial assets projected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2030, reaching RMB440 trillion. This growth is expected to benefit insurance products, positioning PING AN as a major beneficiary in these sectors. As a result, Morgan Stanley reiterated an Overweight rating for PING AN's H-/A-shares and raised its target prices by 27% and 21%, respectively.
Morgan Stanley
Morgan Stanley
upgrade
2025-12-05
Reason
Morgan Stanley's analyst rating for PING AN (02318.HK) is based on several key factors:
1. Expansion into New Markets: PING AN is actively expanding into wealth management, healthcare, and elderly care markets, which is expected to drive continuous growth in revenue and profits.
2. Robust Growth in Life Insurance: The broker estimates that the new business value of PING AN's life insurance segment will see significant growth in the coming years, allowing the company to maintain its competitive edge in agency and banking channels.
3. Diminishing Real Estate Risks: Morgan Stanley believes that the market's primary concern regarding real estate risk is decreasing, which could positively impact PING AN's performance.
4. AI Implementation: The company's application of artificial intelligence is seen as a promising investment opportunity, as it aims to reduce costs and risks while enhancing operational efficiency.
These factors collectively contribute to Morgan Stanley's positive outlook on PING AN, leading to its inclusion in the focus list.
Morgan Stanley
Price Target
2025-12-05
upgrade
Morgan Stanley's analyst rating for PING AN (02318.HK) is based on several key factors:
1. Expansion into New Markets: PING AN is actively expanding into wealth management, healthcare, and elderly care markets, which is expected to drive continuous growth in revenue and profits.
2. Robust Growth in Life Insurance: The broker estimates that the new business value of PING AN's life insurance segment will see significant growth in the coming years, allowing the company to maintain its competitive edge in agency and banking channels.
3. Diminishing Real Estate Risks: Morgan Stanley believes that the market's primary concern regarding real estate risk is decreasing, which could positively impact PING AN's performance.
4. AI Implementation: The company's application of artificial intelligence is seen as a promising investment opportunity, as it aims to reduce costs and risks while enhancing operational efficiency.
These factors collectively contribute to Morgan Stanley's positive outlook on PING AN, leading to its inclusion in the focus list.
Citi
maintain
$68
2025-11-14
Reason
The analyst rating from Citi for PING AN (02318.HK) is a "Buy" with a target price of HKD68. The reasons for this rating include:
1. Management Confidence: Ping An's management expressed confidence in sales growth for the first quarter of 2026, indicating a positive outlook for the company's performance.
2. Market Demand: There is robust market demand for insurance savings, which presents opportunities for Ping An to capitalize on through its savings products.
3. Agent Productivity: The productivity of agents has been growing over the past five quarters, which is expected to enhance new business value growth.
4. Banking Channel Expansion: The company has increased its banking channels with partners outside of Ping An Bank and has strengthened its banca staff following integration with private banking staff, which could further support growth.
These factors collectively contribute to the positive rating and target price set by Citi.
Citi
Price Target
$68
2025-11-14
maintain
The analyst rating from Citi for PING AN (02318.HK) is a "Buy" with a target price of HKD68. The reasons for this rating include:
1. Management Confidence: Ping An's management expressed confidence in sales growth for the first quarter of 2026, indicating a positive outlook for the company's performance.
2. Market Demand: There is robust market demand for insurance savings, which presents opportunities for Ping An to capitalize on through its savings products.
3. Agent Productivity: The productivity of agents has been growing over the past five quarters, which is expected to enhance new business value growth.
4. Banking Channel Expansion: The company has increased its banking channels with partners outside of Ping An Bank and has strengthened its banca staff following integration with private banking staff, which could further support growth.
These factors collectively contribute to the positive rating and target price set by Citi.
JPMorgan
JPMorgan
Buy
maintain
2025-11-07
Reason
The analyst rating is influenced by several factors highlighted in the report. The core solvency ratios of Chinese insurers have declined, with an average decrease of 9 percentage points, primarily due to the rebound in China's bond yields, which negatively impacted solvency. However, strong earnings and reserve growth have helped mitigate this negative effect.
JPMorgan's preference for CHINA LIFE is based on its strong earnings and conservative solvency capital management, while PING AN is favored due to its year-to-date underperformance and a favorable dividend yield forecast of 6% for 2026. The report also notes that despite strong earnings growth, the volatility in solvency capital could affect year-end dividend forecasts, particularly for smaller insurers.
JPMorgan
Buy
Price Target
2025-11-07
maintain
The analyst rating is influenced by several factors highlighted in the report. The core solvency ratios of Chinese insurers have declined, with an average decrease of 9 percentage points, primarily due to the rebound in China's bond yields, which negatively impacted solvency. However, strong earnings and reserve growth have helped mitigate this negative effect.
JPMorgan's preference for CHINA LIFE is based on its strong earnings and conservative solvency capital management, while PING AN is favored due to its year-to-date underperformance and a favorable dividend yield forecast of 6% for 2026. The report also notes that despite strong earnings growth, the volatility in solvency capital could affect year-end dividend forecasts, particularly for smaller insurers.
CMB International
CMB International
upgrade
$71 -> $75
2025-11-03
Reason
The analyst rating for PING AN (02318.HK) was raised to a "Buy" due to several positive factors highlighted in the report. These include:
1. Strong Financial Performance: The company's net profit for the first three quarters of 2025 increased by 11.5% year-over-year, reaching RMB133 billion, with a particularly strong growth of 45.4% in the third quarter, surpassing the broker's expectations.
2. Growth in New Business Value (NBV): The NBV for the same period rose by 46.2% to RMB35.7 billion, with a significant 58.3% growth in the third quarter, driven by robust performance in agency and bancassurance channels.
3. Improved Investment Income: The report noted an improvement in investment income, which positively impacts overall profitability.
4. Easing Drag from Asset Management: There was a reduction in the negative impact from the asset management segment, contributing to better financial results.
5. Strengthened Intra-group Synergies: Enhanced synergies within the group are expected to further support growth.
As a result of these factors, the broker raised its earnings per share (EPS) forecasts for 2025-2027 and increased the target price from HKD71 to HKD75, reinforcing the positive outlook on the stock.
CMB International
Price Target
$71 -> $75
2025-11-03
upgrade
The analyst rating for PING AN (02318.HK) was raised to a "Buy" due to several positive factors highlighted in the report. These include:
1. Strong Financial Performance: The company's net profit for the first three quarters of 2025 increased by 11.5% year-over-year, reaching RMB133 billion, with a particularly strong growth of 45.4% in the third quarter, surpassing the broker's expectations.
2. Growth in New Business Value (NBV): The NBV for the same period rose by 46.2% to RMB35.7 billion, with a significant 58.3% growth in the third quarter, driven by robust performance in agency and bancassurance channels.
3. Improved Investment Income: The report noted an improvement in investment income, which positively impacts overall profitability.
4. Easing Drag from Asset Management: There was a reduction in the negative impact from the asset management segment, contributing to better financial results.
5. Strengthened Intra-group Synergies: Enhanced synergies within the group are expected to further support growth.
As a result of these factors, the broker raised its earnings per share (EPS) forecasts for 2025-2027 and increased the target price from HKD71 to HKD75, reinforcing the positive outlook on the stock.
Goldman Sachs
Goldman Sachs
Buy
maintain
$63 -> $64
2025-11-03
Reason
The analyst rating from Goldman Sachs for PING AN (02318.HK) is based on the company's 3Q25 results, which exceeded both the broker's and market expectations. The positive performance was attributed to substantial equity investment gains, strong new policy sales momentum, and a significant reduction in losses in asset management. As a result of these factors, Goldman Sachs raised its target price from HKD63 to HKD64 and maintained a Buy rating.
Goldman Sachs
Buy
Price Target
$63 -> $64
2025-11-03
maintain
The analyst rating from Goldman Sachs for PING AN (02318.HK) is based on the company's 3Q25 results, which exceeded both the broker's and market expectations. The positive performance was attributed to substantial equity investment gains, strong new policy sales momentum, and a significant reduction in losses in asset management. As a result of these factors, Goldman Sachs raised its target price from HKD63 to HKD64 and maintained a Buy rating.
BofA Securities
BofA Securities
maintain
2025-10-30
Reason
The analyst rating for PING AN (02318.HK) was reiterated as "Buy" by BofA Securities due to the company's strong financial performance, which included a net profit of RMB132.9 billion for 1-3Q25, an 11% year-over-year increase that beat expectations. The significant growth in net profit, particularly a 45% year-over-year increase in 3Q25 driven by strong investment returns, and a 46% year-over-year increase in the value of new life insurance business contributed to this positive outlook. Additionally, the improvement in the new business profit margin from 17.6% to 25.2% and a 7% year-over-year increase in post-tax operating profit further supported the favorable rating. Consequently, BofA Securities raised its target price for the stock by 4%.
BofA Securities
Price Target
2025-10-30
maintain
The analyst rating for PING AN (02318.HK) was reiterated as "Buy" by BofA Securities due to the company's strong financial performance, which included a net profit of RMB132.9 billion for 1-3Q25, an 11% year-over-year increase that beat expectations. The significant growth in net profit, particularly a 45% year-over-year increase in 3Q25 driven by strong investment returns, and a 46% year-over-year increase in the value of new life insurance business contributed to this positive outlook. Additionally, the improvement in the new business profit margin from 17.6% to 25.2% and a 7% year-over-year increase in post-tax operating profit further supported the favorable rating. Consequently, BofA Securities raised its target price for the stock by 4%.
JPMorgan
JPMorgan
Buy
maintain
$NULL
2025-10-23
Reason
The analyst rating from JPMorgan is based on several key observations and expectations regarding the insurance markets in Asia, particularly focusing on China and India. The reasons for the rating include:
1. Strong Performance of Chinese Insurers: Chinese insurers have shown strong results, with three companies issuing positive profit alerts, leading to upward revisions in market consensus. This indicates a robust financial outlook for the sector.
2. Attractive Valuation: The Chinese insurance sector is currently trading at a price-to-earnings (P/E) ratio of 7x for FY2025E consensus, along with a dividend yield of 4%. JPMorgan finds this valuation attractive, suggesting potential for growth.
3. Positive Earnings and Dividend Forecasts: JPMorgan anticipates further upward revisions in earnings and dividend forecasts for Chinese insurers, which could act as a catalyst for stock price increases.
4. Policy Support: Ongoing policy support is expected to enhance product margins and diversify income sources for insurers, further strengthening their financial positions.
5. Investment Preferences: JPMorgan expressed a preference for state-owned enterprises (SOEs) over private-owned enterprises (POEs) and indicated a preference for India over China in the non-life insurance sector, while also identifying opportunities in underperformers year-to-date.
Overall, these factors led JPMorgan to rate China Life and Ping An as top picks for an Overweight position, reflecting a positive outlook on their performance and potential for growth.
JPMorgan
Buy
Price Target
$NULL
2025-10-23
maintain
The analyst rating from JPMorgan is based on several key observations and expectations regarding the insurance markets in Asia, particularly focusing on China and India. The reasons for the rating include:
1. Strong Performance of Chinese Insurers: Chinese insurers have shown strong results, with three companies issuing positive profit alerts, leading to upward revisions in market consensus. This indicates a robust financial outlook for the sector.
2. Attractive Valuation: The Chinese insurance sector is currently trading at a price-to-earnings (P/E) ratio of 7x for FY2025E consensus, along with a dividend yield of 4%. JPMorgan finds this valuation attractive, suggesting potential for growth.
3. Positive Earnings and Dividend Forecasts: JPMorgan anticipates further upward revisions in earnings and dividend forecasts for Chinese insurers, which could act as a catalyst for stock price increases.
4. Policy Support: Ongoing policy support is expected to enhance product margins and diversify income sources for insurers, further strengthening their financial positions.
5. Investment Preferences: JPMorgan expressed a preference for state-owned enterprises (SOEs) over private-owned enterprises (POEs) and indicated a preference for India over China in the non-life insurance sector, while also identifying opportunities in underperformers year-to-date.
Overall, these factors led JPMorgan to rate China Life and Ping An as top picks for an Overweight position, reflecting a positive outlook on their performance and potential for growth.
Valuation Metrics
Forward PE
N/A
5Y Average PE
0.16
Current PE
0.00
Overvalued PE
1.27
Undervalued PE
-0.95
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
0.00
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
0.00
Undervalued EV/EBITDA
0.00
Forward PS
N/A
5Y Average PS
1.30
Current PS
0.00
Overvalued PS
1.62
Undervalued PS
0.98
Financials
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