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2009-1-9 10:19:00 a.m. HKT, XFNA
DJ MARKET TALK: UBS Downgrades Ping An To Sell On Rich Valuation
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| 1005 [Dow Jones] STOCK CALL: UBS cuts Ping An (2318.HK) to Sell from Neutral, target price unchanged at HK$36.30. Downgrade due to "rich valuation" after recent rally, with current share price implying 2.6X price to 2009 EV, above China Life's (2628.HK) implied 2.2X P/EV, despite its 2009 premium growth expected to exceed Ping An. Notes host of Chinese insurers have launched new participating products for 2009, confirms view participating products will be more favored than other product types in low interest rate environment, but Ping An has yet to launch any, may lead to lower premium growth vs peers. Stock down 3.15 at HK$38.55 vs HSI +1.2%.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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