Ping An Bank Co Ltd Class A

000001: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ping An Bank Earnings: Reducing Valuation on Weak Margins; Shares Still Undervalued

Iris Tan

Mar 17, 2025

No-moat Ping An Bank's 2024 revenue and net profit contracted 11% and 4%, respectively, even after the nine-month profit had been up 0.2% year on year. We lower our fair value estimate to CNY 12 per share from CNY 13 as we factor in a 7-basis-point and 4-basis-point decline in 2025 and 2026 net interest margin. The stock is slightly undervalued, trading at 0.5 times 2025's price/book value ratio.

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Ping An Bank Co Ltd Class A

Ping An Bank Earnings: Reducing Valuation on Weak Margins; Shares Still Undervalued

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