Morgan Stanley has issued a research report indicating that despite market volatility, Ping An (02318) is expected to deliver solid first-quarter results, which should support a medium-term valuation reassessment. The firm maintains a target price of HK$89 for Ping An's H-shares with an "Overweight" rating and lists it as a preferred stock. The bank anticipates Ping An's post-tax operating profit (OPAT) for the first quarter of this year will show steady growth of 3.6%, accelerating from the 2.4% growth recorded in the same period last year. Within this, the life insurance business's OPAT is projected to increase by 4.8% year-on-year, supported by continued asset growth and relatively stable interest rates. The banking business's first-quarter OPAT is expected to grow by 2% year-on-year, potentially returning to positive growth. Profit from the asset management business is forecast to rise by 33%, primarily driven by contributions from brokerage operations. The report suggests that the group has demonstrated financial resilience amid market fluctuations and is expected to achieve positive growth in Contractual Service Margin (CSM) this year, with real estate-related headwinds nearing their end. Morgan Stanley projects that the group's OPAT growth for 2026 to 2028 will reach 8%, 11%, and 11%, respectively, with return on operating equity (ROE) improving to above 14%.