Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat Ping An Bank’s, or PAB's, third-quarter results indicated the company remained on track in its retail business transformation and derisking of its credit portfolio. We retain our CNY 12 fair value estimate, as we have not made material changes to our key assumptions. Despite weaker financial performance in the short run, we remain positive on Ping An Bank’s long-term outlook, thanks to its strong management execution and fast-paced retail transformation, supported by a vast customer base…

No-moat Ping An Bank’s second-quarter results indicated recovering momentum in the bank’s revenue and earnings growth, attributable to good progress in its retail banking transformation and rising loan rates as a result of financial deleveraging in China. With 5.9% and 6.5% respective yearon-year growth in revenue and net profits, versus the 0.8% and 6.1% respective growth rates in the first quarter, the first-half results were in line with our expectations. The results highlighted the bank’s…

No-moat Ping An Bank’s first-quarter results were in line with our expectations of revenue increasing 1.1% and net profit rising 6.1% from the year-ago period. Though the results were not strong compared with peers, we observed that its retail banking transformation is making good progress, and we retain our CNY 12 fair value estimate. Despite weaker financial performance in the short run, we remain positive on Ping An Bank’s long-term outlook, thanks to its strong management execution and…

China

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

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