UBS: Raised target price for China Ping An (02318.HK) to 66 Hong Kong dollars, maintaining a "buy" rating.

According to the Zhitong Finance APP, UBS has released a research report stating that, based on improving macroeconomic conditions and decreasing interest rate risks, the target price for China Ping An (02318.HK) has been raised from 60 Hong Kong dollars to 66 Hong Kong dollars, maintaining a "buy" rating. China Ping An is expected to announce its first half year performance at the end of August, with a forecasted year-on-year increase of 3.5% in after-tax operating profit (OPAT), with a second quarter growth rate accelerating to 4.5% compared to 2.4% in the first quarter. This is mainly attributed to the recovery of the asset management business due to the capital market improvement, and the property insurance business benefiting from the downward trend in interest rates driving up the fair value of bonds.