Ping An’s results are broadly in line. The declines in OPAT and net profit were mainly due to weak equity market returns and higher CoR in the P&C segment. VNB growth grew 21% yoy, beating our expectations, led by margin improvement. Net investment yield dropped to 3.0% and its insurance fund exposure to property was largely manageable. Looking ahead, we continue to expect a mid to high single-digit NBV growth and 20% OPAT growth in 2024. Maintain BUY. Target price: HK$52.00.
KEY HIGHLIGHTS Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb27.55/Target: Rmb36.10) 1Q24: Results abov...
GREATER CHINA Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & C...
Two Directors at Volvo AB sold/bought 3,450 shares at between 275.000SEK and 279.800SEK. The significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the...
Swiss Re Ltd / Schlagwort(e): Kooperation/Markteinführung Swiss Re lanciert Swiss Re Life Guide Scout, einen auf generativer KI basierenden Underwriting-Assistenten 22.04.2024 / 11:00 CET/CEST Swiss Re lanciert eine erweiterte Version ihres marktführenden Underwriting-Handbuchs Life Guide Die neue Version ist mit Swiss Re Life Guide Scout ausgestattet, einem durch generative KI gestützten Underwriting-Assistenten, der die Effizienz und Qualität des Underwritings erhöhen soll Zürich, 22. April 2024 – Swiss Re führt eine erweiterte Version ihres Life & Health Underwritin...
Swiss Re Ltd / Key word(s): Alliance/Market launch Swiss Re launches Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant 22.04.2024 / 11:00 CET/CEST Swiss Re launches an augmented version of its market-leading underwriting manual, Life Guide The new version comes equipped with Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant that aims to help increase efficiency and quality of underwriting Zurich, 22 April 2024 – Swiss Re launches an augmented version of its Life & Health underwriting manual Life Guide. The new version comes ...
>A solid Q1 but which confirms the normalisation in construction equipment - Yesterday morning, Volvo published a solid set of Q1 results (first take here), beating the consensus (+7% for EBIT), but in line with our estimates. Despite facing a slowdown in its underlying markets (trucks, construction equipment), embedded price effects and strict cost control enabled Volvo to post broadly stable EBIT and margins over the quarter (EBIT SEK 18.2bn, -1% y-o-y, operating m...
>Un T1 solide mais qui confirme la normalisation dans l’équipement de construction - Volvo a publié hier matin des résultats T1 solides (first take ici), supérieurs aux attentes du consensus (+7% au niveau de l’EBIT), mais en ligne avec nos propres estimations. Si le groupe fait face au ralentissement de la plupart de ses marchés sous-jacents (poids lourd, construction), l’effet embarqué sur les prix et le contrôle des coûts lui ont permis d’afficher un EBIT et des m...
The Q1 report supported our view that underlying profitability has improved structurally (now also evident in a weaker market), and that consensus will have to come up as 2024 progresses. We reiterate our BUY and have increased our target price to SEK340 (335), having raised our 2024–2026e adj. EBIT by 7–4% – we are now 8–10% above consensus.
>Q1 results beat the consensus but in line with our figures - Volvo just reported Q1 results which came above the consensus but in line with our figures. In detail, Q1 revenues was SEK 131.2bn, flat y-o-y, broadly in line with expectations (Infront consensus at SEK 129 bn, ODDO BHF SEK 132bn). Adj. EBIT was SEK 18.2bn, -2% y-o-y, i.e. a margin of 13.8% (-20bp y-o-y), ahead of consensus expectations (SEK 17.0bn) but in line with our own figures (SEK 18.1 bn). EPS was S...
>Q1 results beat the consensus but in line with our figures - Volvo just reported Q1 results which came above the consensus but in line with our figures. In detail, Q1 revenues was SEK 131.2bn, flat y-o-y, broadly in line with expectations (Infront consensus at SEK 129 bn, ODDO BHF SEK 132bn). Adj. EBIT was SEK 18.2bn, -2% y-o-y, i.e. a margin of 13.8% (-20bp y-o-y), ahead of consensus expectations (SEK 17.0bn) but in line with our own figures (SEK 18.1 bn). EPS was S...
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