Zhi Tong Cai Jing·2025-07-31 07:33Core Viewpoint - UBS has raised the target price for China Ping An (601318) from HKD 60 to HKD 66, maintaining a "Buy" rating due to improved macroeconomic conditions and reduced spread risks [1] Financial Performance - China Ping An is expected to announce its mid-year results at the end of August, with a forecasted year-on-year growth of 3.5% in after-tax operating profit (OPAT) [1] - The growth rate for the second quarter is anticipated to accelerate to 4.5%, compared to 2.4% in the first quarter, primarily driven by the recovery in capital markets benefiting the asset management business and the rebound in bond fair value due to declining interest rates in the property insurance sector [1] New Business Value - The new business value (VNB) for the second quarter is projected to increase by 43% year-on-year, with a total growth of 38% for the first half of the year, outperforming peers [1] Net Profit and Dividends - UBS forecasts a 5.9% increase in after-tax net profit (NPAT) for the second quarter [1] - The mid-year dividend is expected to slightly increase to CNY 0.94 per share, with an anticipated total annual dividend of CNY 2.63 per share, resulting in a dividend yield of 5.1%, the highest among peers [1]