Downgrading Ping An's Moat Trend to Stable as We Expect Slower Growth in Cross-Sales
We downgrade Ping An Insurance’s moat trend to stable from positive after reviewing recent trends in its distribution and customer development. The adjustment merely reflects our belief that we no longer expect customer switching costs, as a potential moat source, to continue increasing at a rapid pace, as they did in the past, given that cross-sales within the group have reached the highest level in the industry. We retain our HKD 100 fair value estimate, as we are making no changes to our majo...
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