Jinwu Financial News | According to BOC International Development Research Report, after China Ping An (02318) chose shares in exchange for the special dividend distributed by Lujin, the shareholding ratio of Lujin increased from 41.4% to 56.82%. The bank believes that Ping An chose to use shares in exchange for interest, and that the proportion of shares held by Lujin has increased, indicating that the company is optimistic about Lujin's business development prospects. Changes in financial profit and loss generated by Ping An and Lu Jin will be treated as a non-recurring item and will not affect Ping An's operating profit (OPAT).
Ping An's current stock price corresponds to the 2024 net market ratio of 0.65 times, with a dividend rate of over 7%. The valuation has once again returned to an attractive range. The bank expects the company's operating profit in 2024 to achieve positive growth at last year's low level with high certainty, maintaining the purchase rating and target price of HK$51.