not vested
Ping An Insurance
Ticker: 2318 HK, Price: HK$45.8, PT: HK$76.0
• Investment thesis: With more clarity on the noninsurance business divesting potential, its agency-based strong insurance business re-rating should drive the sector leading value & earnings growth momentum.
• Drivers/catalysts:
(1) Non-insurance related business de-leveraging potential as the only global systematically important insurer (G-SIIs) in Asia,
(2) With <30% group earnings contribution outlook from the bank, strong earnings/ NBV re-rating from the structural insurance market development in China.
• Valuation and risks: Jun-16 PT HK$76 is based on 13x NBM for life, 2.2x P/BV for non-life, 0.8x P/BV for bank.
Key downside risk is asset quality concerns at the banking and trust operations.
Source: JPM
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Ping An 2318
Re: Ping An 2318
by winston » Mon Jan 04, 2016 3:59 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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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Wed Feb 17, 2016 9:40 pm
not vested
The company provides integrated financial services to customers including insurance, banking and investment services.
Ping An continued to report better than peers life premium growth in 9M15 while the P&C segment also delivered above industry premium growth in the same period.
In the future, its internet financing platform, Lufax, is expected to be listed in 2H16 or 1H17, which is a potential catalyst for the stock.
Source: UOBKH
The company provides integrated financial services to customers including insurance, banking and investment services.
Ping An continued to report better than peers life premium growth in 9M15 while the P&C segment also delivered above industry premium growth in the same period.
In the future, its internet financing platform, Lufax, is expected to be listed in 2H16 or 1H17, which is a potential catalyst for the stock.
Source: UOBKH
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 » Wed Mar 16, 2016 8:10 am
Ping An's 54.2b yuan net profit highest since 2003
Ping An Insurance (2318) posted a 38-percent rise in net profit, in line with expectations.
Asia's second-largest insurer by market value made a net profit of 54.2 billion yuan (HK$64.6 billion) last year, the highest since 2003. Total income hit 693 billion yuan, up 30.8 percent. But the full-year dividend was down nearly 30 percent to 53 fen.
Net profit from life insurance grew 21 percent to 19 billion yuan, while property and casualty insurance surged 42.2 percent to 12.5 billion yuan. The banking arm saw a 10.4-percent rise in net profit to 21.9 billion yuan.
But its non-performing loan ratio continued to grow 1.45 percent, from 1.02 percent a year ago. Provision coverage ratio stood at 165.9 percent, down from a level above 200 percent in 2013 and 2014.
Ping An's written premiums for life insurance rose 20 percent to 299.8 billion yuan, while overall investment yield was up by 2.7 percentage points to 7.8 percent.
Chinese insurers pulled in 2.4 trillion yuan of premiums last year, also up 20 percent on 2014, regulatory data showed. New business value of life business leaped 40.4 percent to 38.8 billion yuan.
The group could gain a boost to market value from a planned initial public offering this year of Lufax, one of China's largest internet finance businesses, in which Ping An holds a significant stake.
Chairman and chief executive Peter Ma Mingzhe noted a 76-percent gain in the internet user base to about 242 million. It won a total of 30 million new customers last year, making its total 109 million.
Ping An's shares fell 0.85 percent to HK$35 before the results.
Source: The Standard
Ping An Insurance (2318) posted a 38-percent rise in net profit, in line with expectations.
Asia's second-largest insurer by market value made a net profit of 54.2 billion yuan (HK$64.6 billion) last year, the highest since 2003. Total income hit 693 billion yuan, up 30.8 percent. But the full-year dividend was down nearly 30 percent to 53 fen.
Net profit from life insurance grew 21 percent to 19 billion yuan, while property and casualty insurance surged 42.2 percent to 12.5 billion yuan. The banking arm saw a 10.4-percent rise in net profit to 21.9 billion yuan.
But its non-performing loan ratio continued to grow 1.45 percent, from 1.02 percent a year ago. Provision coverage ratio stood at 165.9 percent, down from a level above 200 percent in 2013 and 2014.
Ping An's written premiums for life insurance rose 20 percent to 299.8 billion yuan, while overall investment yield was up by 2.7 percentage points to 7.8 percent.
Chinese insurers pulled in 2.4 trillion yuan of premiums last year, also up 20 percent on 2014, regulatory data showed. New business value of life business leaped 40.4 percent to 38.8 billion yuan.
The group could gain a boost to market value from a planned initial public offering this year of Lufax, one of China's largest internet finance businesses, in which Ping An holds a significant stake.
Chairman and chief executive Peter Ma Mingzhe noted a 76-percent gain in the internet user base to about 242 million. It won a total of 30 million new customers last year, making its total 109 million.
Ping An's shares fell 0.85 percent to HK$35 before the results.
Source: The Standard
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 » Wed Mar 16, 2016 9:25 am
not vested
Ping An Profit Jumps On Strong Growth In Salesforce, Lufax
By Shuli Ren
Ping An Insurance (2318.Hong Kong) saw healthy growth in 2015.
Net profit at Ping An jumped 38% from a year ago to 54.2 billion yuan.
New business value, a measure of future cash flows insurance companies can collect from new insurance policies, was the big beat, jumping 40% year-on-year to 30.8 billion yuan, thanks to a 37% growth in Ping An’s sales force and 16% increase in each sales staff’s productivity.
Ping An’s peer-to-peer platform Lufax was also a highlight. Active users at Lufax grew 10 folds to 3.6 million last year. As a result, it is the key driver of strong profit in the property & casualty insurance line.
One may say Ping An Insurance is cheap. It trades at only 0.7 times its enterprise value. That is because investors are worried about the credit risk at its wholly-owned subsidiary Ping An Bank.
Non-performing ratios at Ping An Bank seemed contained, rising 43 basis points last year to 1.45%, while its loan loss provision improved 35 basis points to 2.41%. But few believe these numbers fully account for the amount of bad debt out there.
The one catalyst for Ping An is the IPO of Lufax. Lufax is hoping to go public as early as this year.
Ping An tumbled 18.6% this year as the Shanghai stock market languished.
Source: Barron's Asia
Ping An Profit Jumps On Strong Growth In Salesforce, Lufax
By Shuli Ren
Ping An Insurance (2318.Hong Kong) saw healthy growth in 2015.
Net profit at Ping An jumped 38% from a year ago to 54.2 billion yuan.
New business value, a measure of future cash flows insurance companies can collect from new insurance policies, was the big beat, jumping 40% year-on-year to 30.8 billion yuan, thanks to a 37% growth in Ping An’s sales force and 16% increase in each sales staff’s productivity.
Ping An’s peer-to-peer platform Lufax was also a highlight. Active users at Lufax grew 10 folds to 3.6 million last year. As a result, it is the key driver of strong profit in the property & casualty insurance line.
One may say Ping An Insurance is cheap. It trades at only 0.7 times its enterprise value. That is because investors are worried about the credit risk at its wholly-owned subsidiary Ping An Bank.
Non-performing ratios at Ping An Bank seemed contained, rising 43 basis points last year to 1.45%, while its loan loss provision improved 35 basis points to 2.41%. But few believe these numbers fully account for the amount of bad debt out there.
The one catalyst for Ping An is the IPO of Lufax. Lufax is hoping to go public as early as this year.
Ping An tumbled 18.6% this year as the Shanghai stock market languished.
Source: Barron's Asia
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 » Wed Mar 16, 2016 1:10 pm
<Research Report>Citi Cuts PING AN Target to $55, Still as Industry Top Pick
Citigroup, in its report, said that PING AN (02318.HK) 2015 results were broadly in line with estimates.
Net Book Value saw solid growth, yet the EV was a bit soft.
Earnings slightly missed estimates due to higher than expected G&A expenses. In addition, internet finance business continued to grow robustly. The research house trimmed PING AN's 2016-2017 earnings forecast by 9-10% to factor in rising operating expenses.
The broker trimmed PING AN's target price to $55 from $60 to reflect lower EV and the stock was maintained as the top pick, with a rating of Buy.
Citigroup pointed out that PING AN's EV merely saw a HoH rise of 4% in 2H15, slightly below estimates. However, NBV delivered a solid growth at 36%. However, NB margin edged down modestly by 1.7 ppts yearly, mainly dampened by bancassurance and group channels.
The agency channel remains a bright spot with 42% YoY NBV growth and broadly stable NB margin. It is also encouraged to see agent growth decelerating to 9% HoH in 2H15.
Source: AAStocks Financial News
Citigroup, in its report, said that PING AN (02318.HK) 2015 results were broadly in line with estimates.
Net Book Value saw solid growth, yet the EV was a bit soft.
Earnings slightly missed estimates due to higher than expected G&A expenses. In addition, internet finance business continued to grow robustly. The research house trimmed PING AN's 2016-2017 earnings forecast by 9-10% to factor in rising operating expenses.
The broker trimmed PING AN's target price to $55 from $60 to reflect lower EV and the stock was maintained as the top pick, with a rating of Buy.
Citigroup pointed out that PING AN's EV merely saw a HoH rise of 4% in 2H15, slightly below estimates. However, NBV delivered a solid growth at 36%. However, NB margin edged down modestly by 1.7 ppts yearly, mainly dampened by bancassurance and group channels.
The agency channel remains a bright spot with 42% YoY NBV growth and broadly stable NB margin. It is also encouraged to see agent growth decelerating to 9% HoH in 2H15.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Wed Mar 16, 2016 2:17 pm
<Post-Result>Brokers' Latest Ratings & TPs to PING AN (02318.HK) (Table)
PING AN (02318.HK) announced net profit for FY2015 up 38% yearly to RMB54.2 billion.
EPS equaled RMB2.98. A final cash dividend of 35 fen was proposed to be declared.
Citigroup, in its report, said PING AN's FY15 results were largely in line with expectation. It maintained the group to be the top pick of the industry with rating of Buy.
10 brokers' latest ratings and target prices to PING AN are consolidated as follows:
Broker/Rating/Target Price (HK$)
Morgan Stanley/Overweight/71
Macquarie/Outperform/60
UBS/Buy/59.13
Bank of America Merrill Lynch/Buy/59.21->58.94
Citigroup/Buy/60->55
Goldman Sachs/Buy/51.11
Daiwa/Buy/48
CICC/Buy/47
Credit Suisse/Outperform/40.9
HSBC/Hold/37
Source: AAStocks Financial News
PING AN (02318.HK) announced net profit for FY2015 up 38% yearly to RMB54.2 billion.
EPS equaled RMB2.98. A final cash dividend of 35 fen was proposed to be declared.
Citigroup, in its report, said PING AN's FY15 results were largely in line with expectation. It maintained the group to be the top pick of the industry with rating of Buy.
10 brokers' latest ratings and target prices to PING AN are consolidated as follows:
Broker/Rating/Target Price (HK$)
Morgan Stanley/Overweight/71
Macquarie/Outperform/60
UBS/Buy/59.13
Bank of America Merrill Lynch/Buy/59.21->58.94
Citigroup/Buy/60->55
Goldman Sachs/Buy/51.11
Daiwa/Buy/48
CICC/Buy/47
Credit Suisse/Outperform/40.9
HSBC/Hold/37
Source: AAStocks Financial News
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 » Thu Mar 17, 2016 9:12 am
not vested
Ping An is looking to spin off online lending platform this year
Ping An Insurance (Group) Co (2318) intends to spin off Lufax, one of China's largest internet finance businesses, in the second half of the year.
But chief financial officer Jason Yao Bo did not say if the listing would be in Shanghai or Hong Kong.
Lufax is a peer-to-peer lending platform with users up 10-fold last year to 3.6 million. It is reckoned up to US$5 billion (HK$8.9 billion) could be raised.
Chief investment officer Timothy Chan Tak-yin said the group is confident of maintaining a stable investment yield.
But it could invest more in convertible bonds or preferred shares instead of equities or bonds.
It also prefers stocks with high dividend yields, he added, and opportunities for investments overseas such as logistics would also be sought.
Overall investment yield was up by 2.7 percentage points to 7.8 percent last year, results announced on Monday showed. The yield driven from stocks reached 5.5 percent.
Yao noted that a 30 percent cut in the final dividend was due to a bonus issue that doubled the shareholding base.
Ping An shares rose 0.86 percent to HK$35.30 yesterday after it reported full-year profit was up 38 percent.
Source: The Standard
Ping An is looking to spin off online lending platform this year
Ping An Insurance (Group) Co (2318) intends to spin off Lufax, one of China's largest internet finance businesses, in the second half of the year.
But chief financial officer Jason Yao Bo did not say if the listing would be in Shanghai or Hong Kong.
Lufax is a peer-to-peer lending platform with users up 10-fold last year to 3.6 million. It is reckoned up to US$5 billion (HK$8.9 billion) could be raised.
Chief investment officer Timothy Chan Tak-yin said the group is confident of maintaining a stable investment yield.
But it could invest more in convertible bonds or preferred shares instead of equities or bonds.
It also prefers stocks with high dividend yields, he added, and opportunities for investments overseas such as logistics would also be sought.
Overall investment yield was up by 2.7 percentage points to 7.8 percent last year, results announced on Monday showed. The yield driven from stocks reached 5.5 percent.
Yao noted that a 30 percent cut in the final dividend was due to a bonus issue that doubled the shareholding base.
Ping An shares rose 0.86 percent to HK$35.30 yesterday after it reported full-year profit was up 38 percent.
Source: The Standard
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 » Thu Mar 24, 2016 1:07 pm
Mar 17, 2016
<Research Report>Daiwa Upgrades PING AN (02318.HK) to Buy; Target Lifted to $50
Daiwa, in its report, stated that PING AN (02318.HK)'s life premium quality remains decent with conservative guarantee rates.
Debt schemes and overseas assets are still its key investment areas.
The broker lifted its target price to $50 from $48, implying a 2016E P/EV of 1.3x.
Although there are risks in Ping An Bank and property & casualty insurance business, PING AN's valuation should have reflected most of the negative factors. The rating was reiterated at Buy.
PING AN's management revealed that every 10-bp decline in discount rates could lead to RMB6.7 billion lower pre-tax profit.
Source: AAStocks Financial News
<Research Report>Daiwa Upgrades PING AN (02318.HK) to Buy; Target Lifted to $50
Daiwa, in its report, stated that PING AN (02318.HK)'s life premium quality remains decent with conservative guarantee rates.
Debt schemes and overseas assets are still its key investment areas.
The broker lifted its target price to $50 from $48, implying a 2016E P/EV of 1.3x.
Although there are risks in Ping An Bank and property & casualty insurance business, PING AN's valuation should have reflected most of the negative factors. The rating was reiterated at Buy.
PING AN's management revealed that every 10-bp decline in discount rates could lead to RMB6.7 billion lower pre-tax profit.
Source: AAStocks Financial News
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 » Thu Mar 24, 2016 1:08 pm
<Research Report>C Suisse Raises PING AN (02318.HK) Target to $43.5; Rated Outperform
Credit Suisse, in its report, maintained PING AN (02318.HK) target price at $43.5 with rating of Outperform.
The group said lower rate of return dampened profit after tax further, leaving a challenging business outlook for PING AN.
However, the research house said the insurer mainly sells permanent insurance and permanent insurance with bonus, of which guarantee rates of return reache about 2%.
Besides, traditional products also bear 3.5% guaranteed return with higher defensive.
The report also mentioned PING AN took risk control over stock investment and underweight shares when appropriate to enhance investment return and avoid market crash.
Source: AAStocks Financial News
Credit Suisse, in its report, maintained PING AN (02318.HK) target price at $43.5 with rating of Outperform.
The group said lower rate of return dampened profit after tax further, leaving a challenging business outlook for PING AN.
However, the research house said the insurer mainly sells permanent insurance and permanent insurance with bonus, of which guarantee rates of return reache about 2%.
Besides, traditional products also bear 3.5% guaranteed return with higher defensive.
The report also mentioned PING AN took risk control over stock investment and underweight shares when appropriate to enhance investment return and avoid market crash.
Source: AAStocks Financial News
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 Apr 15, 2016 11:39 am
PING AN 1Q Premium Income RMB155.379B, Up 22.38%
PING AN (02318.HK) announced that the gross premium income of the company for the period from January 1, 2016 to March 31, 2016 amounted to RMB155.379 billion, up 22.38% against RMB126.960 billion in the same period last year.
Source: AAStocks Financial News
PING AN (02318.HK) announced that the gross premium income of the company for the period from January 1, 2016 to March 31, 2016 amounted to RMB155.379 billion, up 22.38% against RMB126.960 billion in the same period last year.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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