Ping An 2318

Re: Ping An 2318

Postby winston » Fri Oct 17, 2008 11:36 am

Two Decimals TP again as if their models are so damn accurate..

STOCK ALERT - Ping An Insurance falls in HK as JP Morgan cuts target

HONG KONG (XFN-ASIA) - Ping An Insurance (Group) Company of China Ltd shares were sharply lower, underperforming the broad market, after JP Morgan cut the target price for the stock to 54.2 hkd from 61.9, reflecting large downward revisions of earnings forecasts.

However, JP Morgan maintained an "overweight" rating for the insurer for valuation reasons.

At 11:10 am, the stock was down 1.05 hkd or 2.9 pct at 37.2, off a low of 36.70, while the Hang Seng index was down 122.13 points or 0.78 pct at 15,112.10.

JP Morgan cut its 2008 and 2009 earnings per share forecasts for Ping An by 92 pct and 35 pct, respectively, to factor in an impairment loss on its investment in European financial group Fortis NV.

Ping An said earlier that it would book an investment loss of 15.7 bln yuan on its 4.99 pct stake in Fortis in its third quarter financial results .
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

Postby winston » Fri Jan 09, 2009 9:35 pm

Ping An Insurance slumped over 4 pct after UBS downgraded it to 'sell', citing valuation concerns
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Re: Ping An 2318

Postby winston » Fri Jan 09, 2009 9:36 pm

Ping An slumped 1.70 hkd or 4.27 pct to 38.10 after UBS downgraded the insurer to 'sell' from 'neutral' and maintained a target price of 36.3 hkd, citing rich valuation.

It noted that the stock is currently valued at 2.6 times forecast 2009 embedded value, higher than the 2.2 times of China Life, China's top insurer.
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Re: Ping An 2318

Postby winston » Fri Jan 09, 2009 10:36 pm

Ping An parts ways with investment chief

Ping An Insurance (2318) has confirmed its chief investment officer John Pearce has left the company.

''Pearce's contract has expired,'' a spokesman said.

But a source said Pearce is leaving because of differences in opinions over the running of Ping An's asset management business.

The collapse of Ping An's efforts to buy the asset management business of Belgian-Dutch financial firm Fortis was another reason.

Ping An has yet to name a sucessor for Pearce a spokesman said, and its asset management division will now be put under the direct supervision of chief executive Louis Cheung Chi-yan.
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Re: Ping An 2318

Postby winston » Tue Jan 20, 2009 9:21 am

REFILE-Ping An Insurance posts $18.9 bln premium income

BEIJING, Jan 19 (Reuters) - Ping An Insurance (601318.SS) (2318.HK) posted a combined insurance premium income of 129.1 billion yuan ($18.9 billion) for the 12 months ended December 2008, the second-largest life insurer in China said on Monday.

The company gave no comparative figures for the year ago period in a Shanghai Stock Exchange filing.

In a separate statement, the company said its securities arm, Ping An Securities Company Ltd, posted an unaudited net profit of roughly 550 million yuan ($80.4 million) in 2008. The figure is far lower than 1.5 billion yuan for 2007, reflecting a tumbling stock market.
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Re: Ping An 2318

Postby winston » Wed Jan 21, 2009 11:44 am

DJ MARKET TALK: Ping An's Premium Growth Still Solid - CS

1008 [Dow Jones] STOCK CALL: Credit Suisse says Ping An's (2318.HK) premium growth still solid after reporting 28% on-year growth in life premiums in 2008, 25% on-year growth in property & casualty premiums.

Says resilient premium growth vs listed Chinese life insurance peers reflects greater consistency of premium mix; adds, strong capital position, established distribution to help it gain market share; more conservative investment management will gradually restore investor confidence as concerns recede about strategy.

Notes Ping An now trades at 1.8X price/embedded value, at moderate discount to peers. Keeps Outperform, target HK$47.00. Shares down 4% at HK$34.05; HSI down 2.7%.
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Re: Ping An 2318

Postby winston » Thu Feb 05, 2009 8:20 am

Ping An's 10b yuan Shenzhen building to be China's tallest
AlfredLiu and KatherineNg

Ping An Insurance (2318) plans to erect the tallest building in China as its Shenzhen headquarters, at an estimated 10 billion yuan (HK$11.3 billion).

Construction of the 115-story office tower is expected to start in the first half of this year and to be completed by December 2014, local government agency Shenzhen Environment Project Service Center said on its website.

The 646-meter Ping An office tower will supersede the 492-meter Shanghai World Financial Center to be the tallest building in the mainland, and will be taller than the 632-meter Shanghai Tower, which is also set for a 2014 completion.


"According to our development plan, it would be better if we could have our own building rather than renting one," Ping An spokesman Richard Sheng Ruisheng told The Standard. "Rental in the past 20 years accounted for a significant portion of our operating expenses. It could save costs if we own one." However, the firm is still drafting the blueprint and no details have been finalized. Sheng said the insurer has no fundraising need and will use internal resources for the project.

Ping An last March passed a resolution for raising hundreds of billions of yuan, aiming at overseas expansion. However, it was scrapped because of opposition by shareholders, and the financial tsunami followed.
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Re: Ping An 2318

Postby winston » Thu Feb 19, 2009 10:05 am

DJ MARKET TALK: Ping An May Outperform; Strong Jan Premium Growth

0825 [Dow Jones] Ping An (2318.HK) may outperform, after strong operating data, with January premiums +23% on-year at CNY13.31 billion, topping consensus estimates, says UOB KayHian.

Notes earnings recovery expected this year as key negatives mostly factored into earnings. "Premium growth is particularly impressive, given that January was a shortened working month due to the Chinese New Year," it says.

Keeps at Buy, target unchanged at HK$47.75, based on 2.5X P/EV. Adds, stock remains its top pick for insurance sector due to simple business structure, dominance in rural business. Stock ended down 2.3% at HK$34.75 Wednesday. Any gains likely capped at its 10-day moving average of HK$36.64.
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Re: Ping An 2318

Postby winston » Thu Feb 19, 2009 11:08 am

DJ MARKET TALK: CS Keeps Ping An At Outperform; Target HK$47

0951 [Dow Jones] STOCK CALL: Credit Suisse keeps Ping An (2318.HK) at Outperform with target HK$47.00. Says, Ping An's January premium volume figures solid, with life insurance unit premiums +23% on-year at CNY13.3 billion.

Notes strong growth came despite shorter working month in January 2009 due to the timing of Lunar New Year. "We view Ping An as attractively priced at 1.7X P/EV and 9.8X VNB, particularly given the upside risk to our forecasts for both EV (equity market gains) and VNB (solid volume growth trends)." At pre-open, stock off 1.4% at HK$34.25.
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Re: Ping An 2318

Postby winston » Thu Feb 19, 2009 2:39 pm

DJ MARKET TALK: Ping An +3.2%; But China Mkts Key To Watch -CEF

1227 [Dow Jones] Ping An (2318.HK) +3.2% at HK$35.05, outperformng vs HSI's 0.5% fall, after releasing strong January premium growth (+23% on-year), coupled with rally in China markets (Shanghai Composite +0.7%).

Tony Tong at China Everbright Financial says January premium growth outpaces average 15%-20% growth, which encouraging, but adds, "It's hard to tell where the market is going to be, which is more important to the earnings growth of these insurance companies."

Keeps stock at Buy, target price not available. 10-day moving average of HK$36.64 as immediate cap
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