CICC Drops PING AN (02318.HK) TP to $66.2; 1-3Q OP Misses
CICC wrote in a research report that PING AN (02318.HK) logged strong VONB performance in the first 3 quarters, excluding the impact of restatement, with a 29.9% YoY growth, including a 21.3% increase in 3Q, which is in line with the bank's and the market's expectations.
PING AN's combined ratio (CoR) under new accounting standards however deteriorated to 99.3% in the first 3 quarters, weaker than CICC's expectation, which is believed to be mainly due to the larger-than-expected impact of rainstorms.
Related News: G Sachs Lowers PING AN (02318.HK) TP to $64, Trims Earning Forecast
The operating profit of PING AN decreased by 9.8% YoY in the first three quarters, with a 20.5% decline in 3Q, which also was weaker than CICC's estimate.
The broker mainly attributed this weakness to the disappointing performance of PING AN's asset management business during the period.
Pressure on the treasury asset management and technology businesses in 3Q also contributed to the decline in net profit for the period.
Taking into account the impact of capital market volatility, CICC lowered its EPS forecasts of PING AN for this year and next year by 10% and 6% to RMB6.1 and RMB8.9 respectively.
Based on the market conditions and liquidity performance of the Hong Kong stock market, CICC lowered its target price for PING AN H-shares by 12% to $66.2, which corresponds to about 0.7x 2023 P/EV.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Ping An 2318
Re: Ping An 2318
by winston » Mon Oct 30, 2023 2:10 pm
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Ping An 2318
by winston » Tue Oct 31, 2023 8:57 am
not vested
Ping An Insurance
Important metrics are diverging
While 3Q23 life NBV adjusted growth was 29% yoy, 3Q23 life OPAT growth was much slower at only 2% yoy.
At the group level, 3Q23 OPAT fell 21% yoy.
For the second time in the past four quarters, Asset Management reported sizeable operating losses (Fig 3).
With dividend policy based on a payout ratio of OPAT, we see FY23F payout ratio being lifted to maintain stable-to-rising DPS despite OPAT pressure.
Reiterate Add rating. TP unchanged at HK$80.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 6DF728B4BA
Ping An Insurance
Important metrics are diverging
While 3Q23 life NBV adjusted growth was 29% yoy, 3Q23 life OPAT growth was much slower at only 2% yoy.
At the group level, 3Q23 OPAT fell 21% yoy.
For the second time in the past four quarters, Asset Management reported sizeable operating losses (Fig 3).
With dividend policy based on a payout ratio of OPAT, we see FY23F payout ratio being lifted to maintain stable-to-rising DPS despite OPAT pressure.
Reiterate Add rating. TP unchanged at HK$80.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 6DF728B4BA
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Re: Ping An 2318
by winston » Wed Nov 01, 2023 1:22 pm
not vested
PING AN Establishes Ping An Elderly Home Care & Rehabilitation Nursing Alliance
PING AN (02318.HK) announced the establishment of the Ping An Elderly Home Care & Rehabilitation Nursing Alliance (literal translation of "平安居家養老康復護理聯盟體").
Leveraging the group's medical and health ecosystem resources and technological strength, and integrating the service standards of Peking University Medical Rehabilitation Hospital, the alliance brings together over 40 rehabilitation and nursing service providers, as well as industry experts and scholars.
Related News: CLSA Strengthens Cautious View on CN Life Insurers; Sector Top Picks AIA, PICC P&C
The goal is to establish a closed-loop system of "standards-system-services-performance," aiming to improve service quality and enhance customer satisfaction in the field of home-based elderly care and rehabilitation nursing.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
PING AN Establishes Ping An Elderly Home Care & Rehabilitation Nursing Alliance
PING AN (02318.HK) announced the establishment of the Ping An Elderly Home Care & Rehabilitation Nursing Alliance (literal translation of "平安居家養老康復護理聯盟體").
Leveraging the group's medical and health ecosystem resources and technological strength, and integrating the service standards of Peking University Medical Rehabilitation Hospital, the alliance brings together over 40 rehabilitation and nursing service providers, as well as industry experts and scholars.
Related News: CLSA Strengthens Cautious View on CN Life Insurers; Sector Top Picks AIA, PICC P&C
The goal is to establish a closed-loop system of "standards-system-services-performance," aiming to improve service quality and enhance customer satisfaction in the field of home-based elderly care and rehabilitation nursing.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Re: Ping An 2318
by winston » Tue Nov 07, 2023 11:19 am
not vested
Daiwa Downgrades PING AN (02318.HK) to Sell, Trims TP to $35
Source: AAstocks.com
http://www.aastocks.com/en/stocks/analy ... stock-news
Daiwa Downgrades PING AN (02318.HK) to Sell, Trims TP to $35
Daiwa issued a research report saying that while it appreciates PING AN (02318.HK)'s 30-year journey to build a financial conglomerate, it sees limited value for shareholders now.
Ping An Life once had one of the best offline distribution teams in the world. However, according to Daiwa's channel check, brokers will need to sacrifice new business value in the life insurance business, if they are to meet their cross-selling targets.
The Company's past return on equity (ROE) was driven by life insurance.
Related News: UBS Chops PING AN (02318.HK) TP to $65, Rating Buy
The ROE outperformed its peers, mainly due to higher leverage, but this could change as a result of future regulatory pressure.
Daiwa downgraded PING AN from Hold to Sell, and trimmed its target price from $45 to $35, mainly reflecting Daiwa's cautious stance towards integrated financial strategy.
Source: AAstocks.com
http://www.aastocks.com/en/stocks/analy ... stock-news
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Re: Ping An 2318
by winston » Wed Nov 08, 2023 10:35 am
not vested
Integrated Finance ecosystem to gauge long-term growth
Ping An’s investor day shed light on its Integrated Finance ecosystem, which lifted Ping An to achieve almost twice the operating ROE of listed China insurers in the past three years
Three key metrics set by management paving way to achieve an ambitious target of doubling or even tripling OPAT by 2030
Despite a short-term growth slowdown due to stricter regulations, Ping An is likely to maintain its leading position among peers in this round of VNB growth cycle
Maintain BUY, cut TP to HK$66 to reflect slowdown of VNB growth and weak performance in Asset Management segment
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=17074
Integrated Finance ecosystem to gauge long-term growth
Ping An’s investor day shed light on its Integrated Finance ecosystem, which lifted Ping An to achieve almost twice the operating ROE of listed China insurers in the past three years
Three key metrics set by management paving way to achieve an ambitious target of doubling or even tripling OPAT by 2030
Despite a short-term growth slowdown due to stricter regulations, Ping An is likely to maintain its leading position among peers in this round of VNB growth cycle
Maintain BUY, cut TP to HK$66 to reflect slowdown of VNB growth and weak performance in Asset Management segment
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=17074
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Re: Ping An 2318
by winston » Wed Nov 08, 2023 4:02 pm
not vested
CN Govt Reportedly Asks PING AN to Buy Controlling Shr in COUNTRY GARDEN; PING AN Negates Report
The Chinese government required PING AN (02318.HK) to acquire a controlling stake in COUNTRY GARDEN (02007.HK), as the State Council instructed the Guangdong provincial government to help with the bailout, Reuters cited people with the knowledge of the matter.
However, a PING AN spokesman said that the Chinese government has never approached the company and dismissed reports that the government has asked PING AN to take over COUNTRY GARDEN.
Related News: Daiwa Downgrades PING AN (02318.HK) to Sell, Trims TP to $35
The authorities do not purportedly want the liquidity woes of COUNTRY GARDEN to spread across the wider economy.
Discussions between the authorities and PING AN began as early as the end of August and were led by officials from the Financial Market Department of the People's Bank of China (PBOC).
Participants also included COUNTRY GARDEN and the National Administration of Financial Regulation (NAFR).
PING AN was asked to carry out due diligence on COUNTRY GARDEN as well as provide details of the acquisition plan.
The authorities hoped PING AN will ultimately acquire more than 50% of COUNTRY GARDEN's shares.
After the news, PING AN share price shot up 6.76% to $0.79.
Related News: UBS Chops PING AN (02318.HK) TP to $65, Rating Buy
PING AN's latest statement said that it had noted the news report by Reuters and considered that the report was totally inconsistent with the facts, and the company had never received any relevant request from any relevant government department/ organization.
Previously, PING AN had clarified with Reuters in writing upon receipt of the relevant enquiry, but Reuters still insisted on publishing the relevant untrue report, for which the company deeply regretted.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
CN Govt Reportedly Asks PING AN to Buy Controlling Shr in COUNTRY GARDEN; PING AN Negates Report
The Chinese government required PING AN (02318.HK) to acquire a controlling stake in COUNTRY GARDEN (02007.HK), as the State Council instructed the Guangdong provincial government to help with the bailout, Reuters cited people with the knowledge of the matter.
However, a PING AN spokesman said that the Chinese government has never approached the company and dismissed reports that the government has asked PING AN to take over COUNTRY GARDEN.
Related News: Daiwa Downgrades PING AN (02318.HK) to Sell, Trims TP to $35
The authorities do not purportedly want the liquidity woes of COUNTRY GARDEN to spread across the wider economy.
Discussions between the authorities and PING AN began as early as the end of August and were led by officials from the Financial Market Department of the People's Bank of China (PBOC).
Participants also included COUNTRY GARDEN and the National Administration of Financial Regulation (NAFR).
PING AN was asked to carry out due diligence on COUNTRY GARDEN as well as provide details of the acquisition plan.
The authorities hoped PING AN will ultimately acquire more than 50% of COUNTRY GARDEN's shares.
After the news, PING AN share price shot up 6.76% to $0.79.
Related News: UBS Chops PING AN (02318.HK) TP to $65, Rating Buy
PING AN's latest statement said that it had noted the news report by Reuters and considered that the report was totally inconsistent with the facts, and the company had never received any relevant request from any relevant government department/ organization.
Previously, PING AN had clarified with Reuters in writing upon receipt of the relevant enquiry, but Reuters still insisted on publishing the relevant untrue report, for which the company deeply regretted.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Re: Ping An 2318
by winston » Wed Nov 08, 2023 8:44 pm
not vested
Ping An exited its Country Garden stake, has no takeover plan
Source: Bloomberg
https://theedgemalaysia.com/node/689341
Ping An exited its Country Garden stake, has no takeover plan
Ping An Insurance (Group) Co sold all of its shares in Country Garden Holdings Co and has no plans to acquire the distressed developer.
The Chinese insurer offloaded the stake last quarter. Ping An held 4.9% of Country Garden shares as of August.
About 24 billion yuan (US$3.3 billion) of its profit was wiped out in 2021 due to its investments in China Fortune Land Development Co. The company’s exposure to the property sector stood at about 4.5% of total investments at the end of September.
Source: Bloomberg
https://theedgemalaysia.com/node/689341
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Re: Ping An 2318
by winston » Fri Nov 10, 2023 10:24 pm
vested
Ping An Insurance (2318 HK / 601318 CH) - Denying rumours on Country Garden takeover
Ping An Insurance (Ping An) is China’s second largest life and property and casualty (P&C) insurer, with an integrated financial services platform.
Driven by its strong agency focus, diversified business model and proprietary technology, to improve the customer experience and facilitate cross-sales efforts, Ping An should continue to deliver organic growth in life/health insurance and internet finance, benefiting from the rising protection and wealth management needs of China’s rising middle class.
Following the life reform transition period for the company, which focused on improving its agent productivity and better integration of product offerings, we expect continued distribution cost discipline and life product mix improvements over the medium term.
Dividend policy has been stable at ~28-31% of OPAT from FY17 to FY22, with dividends per share (DPS) increasing at a compound annual growth rate (CAGR) of 9.8% during the period. BUY.
Source: OCBC
Ping An Insurance (2318 HK / 601318 CH) - Denying rumours on Country Garden takeover
Ping An Insurance (Ping An) is China’s second largest life and property and casualty (P&C) insurer, with an integrated financial services platform.
Driven by its strong agency focus, diversified business model and proprietary technology, to improve the customer experience and facilitate cross-sales efforts, Ping An should continue to deliver organic growth in life/health insurance and internet finance, benefiting from the rising protection and wealth management needs of China’s rising middle class.
Following the life reform transition period for the company, which focused on improving its agent productivity and better integration of product offerings, we expect continued distribution cost discipline and life product mix improvements over the medium term.
Dividend policy has been stable at ~28-31% of OPAT from FY17 to FY22, with dividends per share (DPS) increasing at a compound annual growth rate (CAGR) of 9.8% during the period. BUY.
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Fri Mar 22, 2024 10:27 am
not vested
PING AN Annual NP Drops 22.8% to RMB85.67B; Final DPS RMB1.5
PING AN (02318.HK) announced its annual results for the year ended December 2023, with operating revenue of RMB1.03 trillion, up 4.7% YoY.
It reported net profit of RMB 85.665 billion, down 22.8% YoY.
EPS was RMB4.84.
A final dividend of RMB1.5 was declared.
The full-year dividend was RMB2.43, up 0.4% YoY.
Cash dividend payout ratio based on operating profit attributable to shareholders of the parent company is 37.3%, with total dividend increasing for 12 consecutive years.
Data
Last Update: 2024/03/22 10:07
Insurance
Industry average cumulative performance
-8.75% YTD
-8.07% 1-Month
The Group’s operating profit attributable to shareholders of the parent company reached RMB117.989 billion in 2023.
Three core businesses, namely Life & Health, property and casualty insurance, and banking, remained steady, generating RMB140.913 billion in operating profit attributable to shareholders of the parent company, slightly down 2.8% year on year.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
PING AN Annual NP Drops 22.8% to RMB85.67B; Final DPS RMB1.5
PING AN (02318.HK) announced its annual results for the year ended December 2023, with operating revenue of RMB1.03 trillion, up 4.7% YoY.
It reported net profit of RMB 85.665 billion, down 22.8% YoY.
EPS was RMB4.84.
A final dividend of RMB1.5 was declared.
The full-year dividend was RMB2.43, up 0.4% YoY.
Cash dividend payout ratio based on operating profit attributable to shareholders of the parent company is 37.3%, with total dividend increasing for 12 consecutive years.
Data
Last Update: 2024/03/22 10:07
Insurance
Industry average cumulative performance
-8.75% YTD
-8.07% 1-Month
The Group’s operating profit attributable to shareholders of the parent company reached RMB117.989 billion in 2023.
Three core businesses, namely Life & Health, property and casualty insurance, and banking, remained steady, generating RMB140.913 billion in operating profit attributable to shareholders of the parent company, slightly down 2.8% year on year.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Re: Ping An 2318
by winston » Fri Mar 22, 2024 10:33 am
not vested
<Result first take> FY23 VNB and DPS largely in line, but net profit missed
Ping An’s FY23 net profit under IFRS17 missed, with 22.8% y-o-y decline to Rmb85.7b, mainly due to a net loss in the asset management and earnings decline in P&C and technology segments
Value of new business (VNB) saw a structural recovery, rising by 36.2% y-o-y in FY23 on a like-for-like basis, largely in line
DPS up 0.4% y-o-y to Rmb2.43, largely in line, translating into an attractive dividend yield of 7.5%
More updates to follow after tomorrow’s earnings call
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=18737
<Result first take> FY23 VNB and DPS largely in line, but net profit missed
Ping An’s FY23 net profit under IFRS17 missed, with 22.8% y-o-y decline to Rmb85.7b, mainly due to a net loss in the asset management and earnings decline in P&C and technology segments
Value of new business (VNB) saw a structural recovery, rising by 36.2% y-o-y in FY23 on a like-for-like basis, largely in line
DPS up 0.4% y-o-y to Rmb2.43, largely in line, translating into an attractive dividend yield of 7.5%
More updates to follow after tomorrow’s earnings call
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=18737
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