Morgan Stanley: Maintains "overweight" rating on PICC Group (01339) with a target price of HK$7.6.

Morgan Stanley has released a research report stating that, according to the updated model of PICC GROUP (01339) based on the first half performance, the forecast for per share earnings of Ping An Insurance has been raised by 0.3% to 4.3% for each year from 2021 to 2027. The bank maintains its unchanged benchmark valuation for Ping An Insurance, with a target price of 7.6 Hong Kong dollars and a "buy" rating. In the bear market scenario, the valuation is adjusted by an increase of 2.4% to 4.2 Hong Kong dollars due to an increase in shareholders' equity, while in the bull market scenario, the valuation is slightly reduced by 7.2% to 14.1 Hong Kong dollars as the growth in intrinsic value has slowed down, and the change in assumptions about long-term investment returns of the company may lead to a slowdown in expected returns.