Noah Holdings -Strong 2Q Expected

Noah Holdings Limited is rated BUY, trading at 6x forward P/E with robust forward EPS growth and an 8% dividend yield. Future earnings are supported by AI-driven cost savings and expanding client base outside Mainland China, with strong 2Q26 earnings expected. NOAH's liquid balance sheet, no debt, and 100% payout ratio underpin aggressive capital returns via dividends and share buybacks. Key risks include weaker equity markets, regulatory headwinds on overseas investments, and reliance on operational cost savings for profitability.

NOAH's stock has underperformed the broader indices and is down 16% on a YTD basis which has resulted in the shares now trading a technical near-term bottom of 6x forward P/E.