智通财经网·2025-12-05 03:56Core Viewpoint - Morgan Stanley has upgraded its outlook on China Ping An (02318, 601318.SH), believing the group can seize key opportunities in wealth management, healthcare, and elder services, while investor concerns are dissipating, paving the way for a revaluation [1] Group 1: Ratings and Price Targets - Morgan Stanley reiterated its "Overweight" rating for both H-shares and A-shares of China Ping An, raising the target price for H-shares by 27% to HKD 89 and for A-shares by 21% to RMB 85 [1] Group 2: Financial Projections - The group’s return on equity (ROE) is expected to reach 14% to 15% by 2028 [1] - The compound annual growth rate (CAGR) of core new business value (VNB) is projected to rebound to 21% over the next two years [1] - The balance of the contract service margin (CSM) for life insurance is anticipated to recover to a growth rate of 1.9% by 2026 [1] - The group's operating profit is expected to improve with a CAGR of 11% over the next two years, indicating a transformation within the group [1] Group 3: Market Positioning - Morgan Stanley considers China Ping An's H-shares as a top pick and has added the company to its focus list for China/Hong Kong [1] - The firm believes that with a projected ROE of 14% to 15% and a cost of capital below 10%, the company's price-to-earnings (P/E) ratio can rebound from approximately 7 times to a double-digit figure [1] - The group aims to expand its market through enhanced integrated financial services and value-added services [1]