Ping An 2318

Re: Ping An 2318

Postby winston » Thu Mar 12, 2020 6:27 am

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JP Morgan has gained about HK$4 billion by offloading its stake in Ping An Insurance (2318).

JP Morgan has a 15.79 percent shareholding in Ping An Insurance after the group sold the 46 million shares at a price of HK$87.46 a share.

Source: The Standard
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Re: Ping An 2318

Postby winston » Wed Apr 15, 2020 7:43 am

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Ping An units see 6pc fall in income

by Winnie Lee

Ping An Insurance (2318) said the gross premium income of its four subsidiaries for the first quarter fell 5.99 percent year-on-year to 257.8 billion yuan (HK$283.5 billion).

Gross premium income Ping An Life Insurance Company of China fell 11.02 percent to 174.2 billion yuan, while the gross premium income of Ping An Property & Casualty Insurance Company of China inched up 4.87 percent to 72.5 billion yuan in the first quarter.

Gross premium income of Ping An Annuity Insurance Company of China and Ping An Health Insurance Company of China was 11 billion yuan in the first quarter in total, up 19 percent.

Source: The Standard

https://www.thestandard.com.hk/section- ... -in-income
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Re: Ping An 2318

Postby winston » Fri Apr 24, 2020 10:02 am

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Tough environment for selling protection

1Q20 NBV growth was -24% yoy and below our expectations.

To meet our FY20F NBV growth of -4.2% yoy, 2Q-4Q20F growth would need to be 3.6%.

We believe that the difficulty of selling more complicated high-margin protection products without face-to-face contact has hurt Ping An’s NBV.

Reiterate Add rating; TP is unchanged at HK$114.5.

(i) 1Q20 agents were 1.1m (-3% qoq and -14% yoy), a slight improvement compared to -
6% qoq and -18% yoy in 4Q19;
(ii) 1Q20 net investment yield of 3.6% (down 0.3% pts yoy), while 1Q20 gross investment yield was 3.4% (-1.7% pts yoy);
(iii) 1Q20 auto, nonauto and accident & health insurance premiums growth was -2%/+21%/20% yoy.


Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 8BAC0048C8
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Re: Ping An 2318

Postby winston » Fri Apr 24, 2020 12:14 pm

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Latest Brokers' Ratings, TPs, Views on PING AN (02318.HK) Post QoQ Results (Table)

Brokers│Ratings│TPs (HK$)
HSBC Global Research│Buy│122
Citigroup│Buy│110
Nomura│Buy│108.29
Goldman Sachs│Buy (CL Buy List)│105.5
JPMorgan│Overweight│100
UBS│Buy│96.9
Credit Suisse│Outperform│100->95
Morgan Stanley│Overweight│94
Daiwa│Underperform->Hold│82->81
Haitong International│Neutral │91.8->70.9

Brokers│Views
HSBC Global Research│QoQ results mixed; life NBV falls
Citigroup│Life NBV fall in-line; earnings meager
Nomura│COVID-19 affects biz as expected
Goldman Sachs│1Q NBV, NP fall on plague; focuses on 2H outlook
JPMorgan│Actual results better than announcement
UBS│1Q results mixed; biz to recover
Credit Suisse│NBV in-line; NPAT dragged by investment weakness
Morgan Stanley│Results weak but in-line
Daiwa│Weak fundamentals partly priced in
Haitong International│Investment, provision stress not fully priced in

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Thu Jul 30, 2020 11:37 am

When does bearish become too bearish?

While we expect 1H20’s NBV growth to remain weak, sell-side consensus’s 26% yoy fall in 2Q20F looks overly bearish versus our -19% yoy forecast.

In essence, we disagree with consensus view of 2Q20F NBV margins falling below 4Q19’s level, as we expect a superior 2Q20F product mix vs. 4Q19.

We also think that consensus may be overestimating the adverse impact that a tougher credit insurance environment has on its 2Q20F combined ratios.

We raise our target price slightly to HK$118, as we adjust EPS, NBV, EV and roll forward our valuation by half a year.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 12F2EAD920
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Re: Ping An 2318

Postby winston » Fri Aug 28, 2020 7:56 am

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Ping An net drops 30pc to 68b yuan

by Avery Chen

Ping An Insurance (2318) said its interim net profit fell 29.7 percent to 68.68 billion yuan (HK$77.35 billion) from a year ago, the biggest first-half drop since 2008,.

The insurer posted an interim dividend of 80 fen per share, an increase of 6.7 percent year on year.

In the first half, its total revenue dropped 1 percent to 683.28 billion yuan. Operating net profit rose 1.2 percent to 74.31 billion yuan.

For the core insurance business, the operating profit of its life and health insurance segment rose by 6.4 percent to 51.54 billion yuan.

But new business value declined by 24.4 percent to 31.03 billion yuan as the pandemic disrupted offline operations.

Its property and casualty insurance business saw operating profit decline 17.6 percent to 8.27 billion yuan, with the combined ratio rising 1.5 percentage points to 98.1 percent.

As of June 30, Ping An's retail customers increased by 4.6 percent from the beginning of 2020 to 210 million. The insurer has 18.09 million new customers in the first half, of whom 35.4 percent were sourced from internet users.

For its banking business, Ping An Bank's net profit dropped 11.2 percent to 13.68 billion yuan, dragged down by rising credit provisions.

The net interest margin fell 0.03 percentage points to 2.59 percent due to the decreasing loan prime rate and ample liquidity in the money market. Non-performing loan ratio remained at 1.65 percent. The core tier 1 capital adequacy ratio fell 0.18 percentage points to 8.93 percent.

Operating profits for its technology business grew 23.5 percent to 4.05 billion yuan.

Source: The Standard

https://www.thestandard.com.hk/section- ... o-68b-yuan
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Re: Ping An 2318

Postby winston » Mon Aug 31, 2020 1:31 pm

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Ping An Insurance (2318 HK / 601318 CH) - Looking for better 2H

Ping An is China’s second largest life and property & casualty (p&c) insurer, with an integrated financials services platform.

Life insurance, p&c insurance and banking segments contributed 66%, 16% and 12% respectively to 2019 operating profits.

Driven by its strong agency focus, diversified business model and proprietary technology to improve the customer experience and facilitate cross-sales efforts, Ping An continues to deliver strong 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 a transition year for the company in 2019, we expect continued distribution cost discipline and life product mix improvements ahead.

To improve retention rates, the company has moved its recruitment model from mass hiring to an artificial intelligence (AI)-based electronic process.

Potential further value at a later stage may be unlocked by separate listing of its Fintech and Securities businesses. BUY.

Source: OCBC
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Re: Ping An 2318

Postby winston » Wed Oct 28, 2020 7:42 am

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Ping An profit drops 20pc as deals slide

by Kevin Xu

Ping An Insurance (2318) says net profit in the first three quarters fell 20.5 percent year-on-year to 103.04 billion yuan (HK$119.1 billion), and new-business value of its life and health insurance declined by 27.1 percent year-on-year to 42.84 billion yuan.

"In the first nine months of 2020, Ping An's traditional offline operations were hindered and high-value protection business was impacted by the Covid-19 epidemic," Ping An said.

"With the epidemic under control in China, traditional offline operations were gradually recovering, but it remained difficult to hold large-scale offline campaigns and offline customer meetings have not resumed to pre-epidemic levels."

Revenue in the first nine months rose 2.5 percent to 995.12 billion yuan. Basic earnings per share were 5.83 yuan.


Source: The Standard

https://www.thestandard.com.hk/section- ... eals-slide
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Re: Ping An 2318

Postby winston » Wed Oct 28, 2020 10:36 am

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3Q still a tough environment for insurance

3Q20 key insurance metrics of life NBV and P&C combined ratio worsened further compared to 1H20.

3Q20 banking net profit returned to growth of 6% yoy, materially better than 2Q20’s 36% yoy fall (1H20: -11% yoy; 9M20: -5.2% yoy).

Another key positive was the improvement in operating profit after tax growth, with 3Q20’s 12% yoy (2Q20: -2% yoy) driven by life insurance (16% yoy).

Reiterate Add rating. TP unchanged at HK$118.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C68AC8392F
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Re: Ping An 2318

Postby winston » Wed Oct 28, 2020 2:25 pm

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Brokers' Latest Views, Ratings, TPs on PING AN (02318.HK) Post Results (Table)

Brokers│Ratings│TPs (HK$)
Morgan Stanley│Overweight│119
Nomura│Buy│116.57
HSBC Global Research│Buy│128->116
CICC│Outperform│113
Macquarie│Outperform│107
UBS│Buy│105->104
Citigroup│Buy│104->103
Goldman Sachs│Buy (CL Buy List)│104
Credit Suisse│Outperform│103
BofA Securities│Buy│94
Daiwa│Hold│80->85

————————————————————

Brokers│Views

Morgan Stanley│resumes 3Q NP growth; life biz may need more time recovering
Nomura│VNB growth misses; biz recovery slower on plague
HSBC Global Research│VNB growth misses; sales, asset quality poor
CICC│cuts 2020-21 EPS forecasts by 1%/ 5%; VNB forecasts by 8%/ 17%
Macquarie│3Q result weak; VNB growth feeble
UBS│cuts 2020E VNB growth to 26%; keeps 2021-22E NP growth
Citigroup│3Q insurance biz weak, but NPAT improves
Goldman Sachs│3Q NP in-line; VNB growth below forecast
Credit Suisse│3Q result in-line; focuses on jumpstart sales outlook
BofA Securities│3Q result weak; P&C insurance combined ratio misses
Daiwa│VNB misses; jumpstart sales conducive to outlook

Source: AAStocks Financial News
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