＜Research＞G Sachs: PING AN Adds Stake in LUFAX by Scrip Div.; ST Financial Impact Limited

　　PING AN (02318.HK) -0.200 (-0.543%) Short selling $344.53M; Ratio 27.663% 's stake in LUFAX (06623.HK) +0.160 (+1.301%) Short selling $1.64M; Ratio 8.041% increased to 56.82% after electing for scrip dividend. Goldman Sachs, in its report, wrote that LUFAX's net profit of RMB1 billion in FY23 and net loss of RMB800 million in 1QFY24 will only account for 1% and 2% of PING AN's FY23 and 1QFY24 net profits, respectively. Therefore the broker assumed that the impact on the company's finances will be limited in the short term.

　　Goldman Sachs continued to view strong growth in PING AN's net profit and operating profit in FY24, partly due to the low base effect in FY23. PING AN is the most sensitive to macro recovery and policy support for the property sector in the broker's coverage universe. The broker rated PING AN at Buy with TP of $55.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-03 16:25.)

　　Related NewsJPM Foresees CN Insurers' Interim Div. to Become ST Catalyst; Top Picks Ping An, China Life

　　AAStocks Financial News