Ping An 2318

Re: Ping An 2318

Postby winston » Mon May 06, 2019 11:34 am

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May 2, 2019

<Research Report>Daiwa Hikes PING AN (02318.HK) TP to $80; Rated Sell

PING AN (02318.HK) reported 1Q19 VNB growth of 6% YoY, being 1%/ 2% below Daiwa's forecast/ consensus.

The insurer's net profit burgeoned 77% YoY, meeting 26% of the full-year consensus.

The insurer's 2019-20 earnings forecasts were raised by 6%-10%.

Overall, PING AN was kept at Sell, with target lifted from $72 to $80 (up 11%).

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Fri Aug 16, 2019 8:03 am

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Ping An net spikes 68pc on premiums growth

by Avery Chen

China's largest insurer Ping An Insurance (2318) posted its first-half net profit rose 68.1 percent year-on-year to 97.68 billion yuan (HK$108.79 billion), beating expectations and the fastest pace of growth in more than a decade, driven by an increase in retail customers.

Ping An declared an interim dividend of 75 fen per share, an increase of 21 percent year-on-year. Basic earnings per share were 4.12 yuan.

"Customer development yielded strong results," the insurer said in its statement, adding it welcomed 20.09 million new customers in the first half.

Gross written premiums were up 9.4 percent year-on-year to 446.48 billion yuan.

In the first half, operating profit advanced 23.8 percent to 73.46 billion yuan. Operating profit of the life and health insurance business rose 36.1 percent to 48.43 billion yuan.

The new business value of the life and health insurance business for the first six months this year grew 4.7 percent year-on-year to 41.05 billion yuan, while embedded value was up 16.3 percent to 713.19 billion yuan.

The operating profit of property and casualty insurance business grew by 69.5 percent to 10.04 billion yuan.

Ping An Bank's net profit climbed 15.2 percent to 15.4 billion yuan, due to increases in net interest margin and net non-interest revenue.

However, the operating profit of technology business segment, including Lufax, OneConnect and Ping An Good Doctor, slumped 33.3 percent to 2.8 billion yuan. As of June 30, the total valuation of these technology companies was about US$70 billion (HK$546 billion).

Moreover, trading volume for Lufax's wealth management products in the first half was down 47.3 percent to 487.33 billion yuan.

Last month, it was reported that Lufax, China's largest online wealth management platform, plans to exit its once-core peer-to-peer lending business.

The move by Lufax to exit P2P, in which companies gather funds from retail investors and loan the money to small corporate and individual borrowers, is due to regulatory hurdles, sources said, and comes amid China's crackdown on the business to contain broader financial risks.

Shares of Ping An rose 0.35 percent to HK$87.20 yesterday, with a market turnover of HK$3.38 billion.

In other news, China Life Insurance (2628) announced its accumulated premium income for the first seven months this year rose 5 percent year-on-year to 405.1 billion yuan.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0816&sid=2
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Re: Ping An 2318

Postby winston » Fri Aug 16, 2019 9:11 am

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Ping An Insurance
Strong operating profit growth helped by tax


1H19 net profit surged 68% yoy, driven by investment markets and tax.

1H19 OPAT rose 24% yoy, boosted by lower effective tax rates.

Banking net profit growth accelerated in 2Q19 to 17.7% yoy from 1Q19’s 12.6% yoy, with improving NIM and NPL ratio.

Subdued life NBV growth, falling agent numbers and activity ratios, and weaker technology net profits are our key concerns.

Maintain Add, with an unchanged SOP-based target price of HK$119.2

Source: CIMB

https://brokingrfs.cimb.com/lrd8fKePupD ... bfnkg2.pdf
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Re: Ping An 2318

Postby winston » Fri Aug 16, 2019 2:46 pm

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

Brokers│Ratings│Target prices (HKD)
HSBC Global Research│Buy│129
Nomura│Buy│118.11
Goldman Sachs│Buy (Conviction Buy list)│115
Credit Suisse│Outperform│113
Morgan Stanley│Overweight│111
UBS│Buy│112->110
CICC│Outperform│107
Citigroup│Buy│106
Daiwa│Sell-> Hold│80->88

----------------------------------------

Brokers│Views
HSBC Global Research│Continues to deliver results
Nomura│Most result metrics beat
Goldman Sachs│Results beat with strong life, P&C growth
Credit Suisse│Key result metrics beat
Morgan Stanley│Results solid, slightly beating
UBS│Results solid amid challenging mkt
CICC│OPAT slightly beat with slower life biz growth
Citigroup│Earnings beat despite stagnant agent growth
Daiwa│2Q VNB growth mild with less valuation

Source: AAstocks.com
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Re: Ping An 2318

Postby winston » Fri Oct 25, 2019 7:47 am

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Ping An net up 50pc in quarter

by Stella Zhai

Ping An Insurance (2318) yesterday announced its third-quarter net profit grew 49.71 percent year-on-year to 31.89 billion yuan (HK$35.36 billion).

Net profit for the first nine months rose 63.2 percent year-on-year to 129.57 billion yuan.

The insurer's new business value for life and health insurance business increased by 4.5 percent during the first nine months compared with a year ago to 58.8 billion yuan, slowing from 4.7 percent in the first half.

NBV margin also rose 5.3 percentage points to 48.1 percent.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 1025&sid=2
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Re: Ping An 2318

Postby winston » Fri Oct 25, 2019 1:47 pm

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<Research Report>JPM Lowers PING AN TP to $130; Near-term Shr Price Weakness May Deemed as Entry Pt

JPMorgan commented in its report that PING AN (02318.HK) delivered 3Q19 underlying results uptrend but the increment was still slower than expected, where NBV rose 4% yearly to RMB17.8 billion, trailing 9% rise in estimate.

The broker maintained Overweight on PING AN, given the buying opportunity from near-term weakness potential post results, at the target price HKD130, lowered from HKD140.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Fri Oct 25, 2019 1:47 pm

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<Research Report>JPM Lowers PING AN TP to $130; Near-term Shr Price Weakness May Deemed as Entry Pt

JPMorgan commented in its report that PING AN (02318.HK) delivered 3Q19 underlying results uptrend but the increment was still slower than expected, where NBV rose 4% yearly to RMB17.8 billion, trailing 9% rise in estimate.

The broker maintained Overweight on PING AN, given the buying opportunity from near-term weakness potential post results, at the target price HKD130, lowered from HKD140.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Fri Oct 25, 2019 2:32 pm

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Brokers' Latest TPs, Views on PING AN (02318.HK) after QoQ Result Release

Brokers│Ratings│Target Prices (HKD)
HSBC Global Research│Buy│128->131
JPMorgan│Overweight│140->130
Macquarie│Outperform│118
Nomura│Buy│115.47
Goldman Sachs│Buy (Conviction Buy list)│115
Morgan Stanley│Overweight│111
Citigroup│Buy│106

Brokers│Views after QoQ Results
HSBC Global Research│Mgmt cuts 2019 life NBV growth guidance
JPMorgan│QoQ results growth slower than expected; axes NBV forecast
Macquarie│QoQ results beat consensus despite sluggish life biz
Nomura│3Q life, P&C biz on track
Goldman Sachs│QoQ results solid despite 2019 NBV guidance cut by mgmt
Morgan Stanley│Life biz weak; headwinds for operating environment
Citigroup│Life biz misses, P&C biz beats

Source: AAstocks.com
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Re: Ping An 2318

Postby winston » Fri Oct 25, 2019 2:32 pm

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Brokers' Latest TPs, Views on PING AN (02318.HK) after QoQ Result Release

Brokers│Ratings│Target Prices (HKD)
HSBC Global Research│Buy│128->131
JPMorgan│Overweight│140->130
Macquarie│Outperform│118
Nomura│Buy│115.47
Goldman Sachs│Buy (Conviction Buy list)│115
Morgan Stanley│Overweight│111
Citigroup│Buy│106

Brokers│Views after QoQ Results
HSBC Global Research│Mgmt cuts 2019 life NBV growth guidance
JPMorgan│QoQ results growth slower than expected; axes NBV forecast
Macquarie│QoQ results beat consensus despite sluggish life biz
Nomura│3Q life, P&C biz on track
Goldman Sachs│QoQ results solid despite 2019 NBV guidance cut by mgmt
Morgan Stanley│Life biz weak; headwinds for operating environment
Citigroup│Life biz misses, P&C biz beats

Source: AAstocks.com
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Re: Ping An 2318

Postby winston » Fri Feb 21, 2020 8:22 am

Ping An warns of virus impact as net rises 39pc to 149b yuan

by Avery Chen

Ping An Insurance (2318), China's largest insurer by market value, reported its net profit rose 39.11 percent last year but missed expectations, and warned the coronavirus may have an impact on its business.

Net profit climbed to 149.4 billion yuan (HK$165.59 billion) as a stock-market rally and tax relief helped fuel earnings growth. That trails the 157.3 billion yuan average estimate of 21 analysts surveyed by Bloomberg.

Revenue grew by 17.6 percent year-on-year to 1.27 trillion yuan. But growth in new business value, a gauge of the profitability of new life policies sold, slowed to 5 percent from 7.3 percent in 2018.

Operating profit, which Ping An says better reflects its performance, rose 18.1 percent to 132.96 billion yuan. Operating profit after tax of the life and health insurance business gained by 24.7 percent to 88.95 billion yuan.

The total investment income grew by 1.2 times to 174.68 billion yuan, thanks to capital market recoveries.

Ping An declared a final dividend of 1.30 yuan per share, making a total dividend reaching 2.05 yuan for 2019. The basic earnings per share were 8.41 yuan.

Although Ping An has plowed billions of dollars into tech - and senior management has used that to argue for a higher stock valuation - operating profit from Ping An's fintech and health-tech businesses, which sell products from facial recognition to blockchain solutions, slumped 40 percent to 4.7 billion yuan.

At Lufax, Ping An's online wealth management and retail lending platform, customer assets under management dropped by 6.1 percent "due to the asset portfolio adjustment and restrictions on consumer finance products," Ping An said.

Wealth management transaction volumes fell by almost 30 percent. Within customer assets under management, consumer finance was hit the hardest, with its assets under management plunging 45 percent. Ping An said that category was "greatly affected" due to regulatory requirements.

Ping An also warned the coronavirus has certain impacts on the business operation and may affect the quality or the yields of its credit assets and investment assets. It is still assessing the impact of the outbreak on its financial position and operating results.

Ping An rose 0.6 percent to HK$91.60 ahead of the results yesterday.

Source: The Standard

https://www.thestandard.com.hk/section- ... -149b-yuan
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