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<Research>JPM Optimistic About H-shr Life Insurers; Top Pick PING AN (02318.HK) w/ TP $100
Recommend 36 Positive 61 Negative 26 |
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Last year, insurers in the Asia-Pacific region performed best among H-share insurers, JPMorgan released a research report saying. Of which, CHINA LIFE (02628.HK) snowballed 87%, while PING AN (02318.HK) soared 42%, both significantly outperforming the HSI's 28% hike. The broker's top pick is PING AN, with a target price of $100 and rating at Overweight, followed by CHINA LIFE, with a target price of $40. The latest ratings and target prices of the sector are listed in a separate table. Moreover, JPMorgan upgraded CPIC (02601.HK) from Neutral to Overweight, reflecting its fundamental recovery. However, the broker downgraded NCI (01336.HK) from Overweight to Neutral, primarily due to concerns about the widening gap in reserve quality compared to major insurers after strong rebound in 2025. JPMorgan remained cautious about the non-life insurance sector, and rated PICC P&C (02328.HK) and PICC GROUP (01339.HK) at Neutral. The broker continued to favor H-share over A-share life insurers, believed that H-share life insurers offer more attractive risk-reward profiles, and anticipated the valuation gap between H- and A-shares will further narrow. AASTOCKS Financial News Website: www.aastocks.com |
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