CMB International: Raises target price of Ping An of China to HK$71, maintains "buy" rating.

China Ping An's after-tax operating profit for the first half of the year increased by 3.7% year-on-year to 77.7 billion yuan, equivalent to a 4.9% year-on-year increase in the second quarter, in line with expectations. The new business value increased by 39.8% year-on-year to 22.3 billion yuan, significantly exceeding expectations, mainly due to the bancassurance business. The bank raised its target price from 65.1 Hong Kong dollars to 71 Hong Kong dollars, maintaining a "buy" rating.