JPM: Mkt Tests CN Insurers' Floor Valuation; Still Upbeat on Ping An-H
JPM: Mkt Tests CN Insurers' Floor Valuation; Still Upbeat on Ping An-H
The YTD Chinese life insurer performance has belied JPMorgan's constructive view on the sector, as the broker initially expected a life sales revival after the pandemic. PING AN (02318.HK) was the sector top-pick for outperformance. The YTD price performance has reflected that all other Overweight calls (except PICC P&C (02328.HK)) have fallen behind the market, particularly Ping An Group A/H-shares.
After a tough year which has tested life insurers' floor valuation, the broker continued to prefer Ping An H-shares and PICC P&C. The broker may consider turning positive on other life insurers should further property-related data be disclosed in 3Q/4Q21 result release, but will not chase other shares now.
年初至今，中國壽險公司的業績與摩根大通(JPMorgan)對該行業的建設性觀點背道而馳，因為摩根大通最初預計，疫情爆發後，壽險銷售將復甦。平安(02318.HK)是表現優異的行業首選。年初以來的價格表現已反映出，所有其他增持看漲期權(人保財險(02328.HK)除外)都落後於市場，尤其是平安集團A/H股。在經歷了考驗壽險公司下限估值的艱難一年後，該經紀公司繼續看好平安H股和中國人保(PICC P&C)。如果3Q/4Q21財報公佈進一步的財產相關數據，該經紀公司可能會考慮看好其他壽險公司，但現在不會追逐其他股票。