Increasing Ping An’s FVE to Reflect Modest Contributions From Tech Initiatives
Ping An Insurance’s 2017 results reflected strong fundamentals across financial and tech businesses, with embedded value and new business value surging 29.4% and 32.6% from 2016, respectively. The results confirmed our thesis that Ping An is on a fast growth track, as its financial and tech businesses are both seeing rising synergies. We raise our fair value estimate to CNY 85 from CNY 79 for the A shares and to HKD 105 from HKD 93 for the H shares to recognize the time value of money and increa...
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