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，中国寿险公司的业绩与摩根大通(JPMorgan)对该行业的建设性观点背道而驰，因为摩根大通最初预计，疫情爆发后，寿险销售将复苏。平安(02318.HK)是表现优异的行业首选。年初以来的价格表现已反映出，所有其他增持看涨期权(人保财险(02328.HK)除外)都落后于市场，尤其是平安集团A/H股。在经历了考验寿险公司下限估值的艰难一年后，该经纪公司继续看好平安H股和中国人保(PICC P&C)。如果3Q/4Q21财报公布进一步的财产相关数据，该经纪公司可能会考虑看好其他寿险公司，但现在不会追逐其他股票。