智通财经网·2025-12-09 02:43Core Viewpoint - Morgan Stanley has become more optimistic about China Ping An (02318), identifying three core opportunities in wealth management, healthcare, and elderly services [1] Group 1: Investment Outlook - The firm expects investor concerns to gradually dissipate, paving the way for a valuation reassessment [1] - Morgan Stanley reiterated an "Overweight" rating and raised the target price by 27%, from HKD 70 to HKD 89 [1] Group 2: Financial Performance - The core valuation method remains unchanged, but the firm believes that operational after-tax profits are more stable and predictable than after-tax net profits [1] - The analysis of dividends provides new insights, and the group's healthcare and elderly services are expected to generate light-asset income, further driving revenue and profit growth [1] Group 3: Future Projections - The firm anticipates a return on equity (ROE) of 14-15% in the short to medium term, with a capital cost of less than 10% [1] - The price-to-earnings (P/E) ratio is expected to rebound from the current level of approximately 7 times to a double-digit level [1] - By 2028, operational net asset return is projected to reach 14-15%, with the life insurance contract service margin (CSM) balance expected to recover to 1.9% growth by 2026 [1] - The new business value (VNB) compound annual growth rate is expected to rebound to 21% over the next two years, with operational profit compound annual growth rate also projected to increase to 11% in the same period [1]