0514 GMT – Ping An Insurance’s 2025 operating profit after tax was likely boosted by dividend income from large China banks, say CGS International analysts in a note. They expect the insurer to post around 4% rise in 2025 operating profit after tax as these banks’ ex-dividend dates fell in December. Ping An made sizable buys of Chinese lenders’ shares in 2025 and these holdings should increasingly drive dividend income, they note. Asset management and property and casualty insurance were also likely tailwinds, the analysts add. Still, they cut their 2025-2027 EPS estimates as Ping An might book a convertible-bond mark-to-market loss. CGSI cuts its H-share target price to HK$82.00 from HK$90.00 but retains its add rating. Shares rise 1.0% to HK$60.075.(megan.cheah@wsj.com)