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Morgan lifts Ping An Insurance (2318) to HK$94
Morgan Stanley lifted its target price for Ping 
An Insurance (02318) to HK$94 from HK$73, and maintained its "overweight" rating.
  The research house said the industry is making gradual changes to adapt a new operating
environment in 2018, demand for insurance remains intact and healthy. Valuation should 
continue to re-rate for solid names and Morgan maintained its "attractive" industry view.
  It noted that Ping An outperformed peers most in 2017, up 110% versus an average 34% 
return for listed peers. The research house believes the outperformance was driven by a
combination of its best in class insurance business, risk reduction in bank and trust
operations, as well as improved disclosure and transparency.
  Morgan said further upside could come from (1) value unlocking/listing of its financial
technology units, (2) further de-risking in its credit operations, and (3) a narrowing 
conglomerate discount as cost and revenue synergies become more evident.

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