JPM accumulate Ping An, sinks China Life, CPIC, PICC Group to neutral; NCI to underweight;

AAStocks · Aug 10, 2021 02:58

JPMorgan published a report, downgrading Chinese insurers' ratings with the exception of $Ping An Insurance(02318.HK)$. JPMorgan recommended investors to transfer their fund from other life stocks to accumulate PING AN's shares on weakness. Chinese insurers tend to be particularly vulnerable in times of macro or policies uncertainties and the operational trends are expected to be overwhelmed by the market's apprehension over asset risks for at least the coming six months, the report added.

JPMorgan axed the target prices of Chinese insurers by 40% average, downgrading $China Life Insurance(02628.HK)$'s H-shares, $China Pacific Insurance(02601.HK)$'s H-shares and $PICC Property and Casualty(02328.HK)$'s H-shares from Overweight to Neutral. $New China Life Insurance(01336.HK)$'s H-shares were sunk from Neutral to Underweight.

PING AN , being the only exception, was kept at Overweight on the back of possible short-term catalyst of potential sales recovery as seen from the monthly disclosure.

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JPM accumulate Ping An, sinks China Life, CPIC, PICC Group to neutral; NCI to underweight;

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