Ping An 2318

Re: Ping An 2318

Postby winston » Thu Aug 18, 2016 8:02 am

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Insurer dodges stock slump

Ping An Insurance (Group) (2318), China's second-largest insurer, yesterday said first-half profit rose 18 percent as growth in premiums and banking revenue helped offset the impact of stock- market declines that have hit rivals.

Net income climbed to 40.8 billion yuan (HK$47.7 billion) or 2.28 yuan a share, in the six months to June 30, from 34.6 billion yuan, or 1.90 yuan a share, a year earlier.

A 6 percent profit increase at the Shenzhen-based company's banking arm and higher premium revenue helped it bolster net income even as declines in the nation's stock market caused a slump in Chinese insurers' combined profits.

Ping An said its investment income fell 33 percent in the first six months from a year earlier to 55.6 billion yuan. The firm recorded 9 billion yuan in realized investment losses, reversing from 42.7 billion yuan of gains a year ago. Net investment income, mainly dividends and interest income, jumped 52 percent.

Net premiums earned rose 27 percent, the company said. New business value, which gauges the profitability of new life policies sold, expanded 43 percent.

Insurers' combined profits slumped 54.1 percent in the period from a year earlier, largely due to share-market declines and higher expenses, official data showed last month.

Returns from equities totaled 24.1 billion yuan during the period, down by 261.2 billion yuan from a year earlier.

Source: BLOOMBERG
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Re: Ping An 2318

Postby winston » Thu Aug 18, 2016 12:31 pm

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Ping An Soars On 1H Beat, Boosts Dividend

By Shuli Ren

Ping An Insurance (2318.Hong Kong) is the best-in-class and may well be the only Chinese insurer that reports positive first-half growth this year.

Ping An soared 3.3% in Hong Kong this morning after reporting its first-half after-tax net profit grew 18% from a year ago. This is all the more impressive considering Ping An was running off a high base last year.

In the first-half last year, its net profit soared 62%. This is also even more impressive considering interest rates in China are falling (bad news for insurers who have longer duration on liabilities) and China’s A-share stock markets are still in the dumps.

“Whilst reported earnings benefited somewhat from a positive tax impact, pre-tax earnings were also more resilient than peers’ (down only 6%), helped by stable earnings growth from banking operation (+6%), profit from internet business (RMB7bn gain vs. a loss last year), and strong net yield (5.7% annualized),” wrote Morgan Stanley this morning.

Ping An Insurance declared an interim dividend of 0.2 yuan per share, up 11% from a year ago.

Why is Ping An doing so well?

First, Ping An is not a state-owned enterprise, so it does not need to serve the country. Its sales staff are concentrating on the wealthier regions in China and on the more profitable business lines. Indeed, we saw that in the first-half earnings already.

High-margin health insurance business grew much stronger than savings, up 51% year-on-year. In addition, Ping An pays its sales agents well too, and its sales force exceeded 1 million while agents’ productivity improved.

As a result, value of new business, a metric used in insurance to measure the reliable cash flow from new customers, grew a strong 43%.

Ping An also has a large Internet business including P2P platform Lufax. Its Internet business reported 7 billion yuan in earnings, versus a net loss last year. Ping An’s net profit came in at 41 billion yuan.

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... -dividend/
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Re: Ping An 2318

Postby winston » Thu Sep 15, 2016 10:30 am

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Ping An announced its August premiums. Life increased by 31.7% YoY (+26.8% in 8M16) and P&C was up 12.9% YoY (+4.4% in 8M16).

Life—strong growth momentum continued. Ping An Life posted a strong premium growth at 32% in August. New business from
agents grew by 60% YoY in August (40% in 8M16), per our estimates. In August, the company upgraded its core critical illness product, "Ping An Fu", by providing more comprehensive coverages. With a consistent focus on long-term saving/ protection-type products, we expect its VNB margin to remain high and the insurer to deliver quality VNB of 39% this year.

P&C—monthly premium growth picked up, with 12.9% growth in August, from 6.3% in July. But YTD growth remains moderate,
likely due to auto-pricing reform, VAT impact and restructuring of its CGI (credit & guaranteed insurance) business.

Ping An (H) is trading at 0.9x P/EV and 1.6x P/B (12M forward).

Catalysts:
(1) improving market sentiment,
(2) deal updates from potential Lufax listing (scheduled at end-2017; valued at US$20 bn, cited WSJ ), and
(3) 3Q16 results to be announced in late-October.

Source: CS
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Re: Ping An 2318

Postby winston » Fri Sep 23, 2016 3:00 pm

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<IPO News>PING AN (02318.HK)'s Lufax Reportedly Talking with 4 Banks for HK IPO

PING AN (02318.HK)'s Shanghai Lujiazui International Financial Asset Exchange (Lufax), a P2P trading platform, is negotiating with four banks for its Hong Kong IPO, Reuters cited people with the knowledge of the matter.

CITIC SEC (06030.HK), Citigroup, JPMorgan and Morgan Stanley are initially preparing for the IPO.

Lufax will become the first P2P platform listed on H-share market if the IPO is successful.

Lufax's valuation reaches US$18.5 billion since completion of financing of US$1.2 billion.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Fri Oct 28, 2016 1:34 pm

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<Research Report>G Sachs: PING AN (02318.HK) Results Top Estimates; Kept on CL Buy

Goldman Sachs, in its report, said the 3Q result of PING AN (02318.HK) has exceeded estimates, with strong and high-quality life/P&C insurance growth; the above-peer investment results boosted the earnings to perform better than peers.

However, there are still some risks in non-insurance business, but there is no immediate capital risk. The broker kept Ping An in CL-Buy, with target price unchanged at $46.7.

Goldman Sachs said even with a high base a year ago, Ping An's life insurance segment can still post a 61% growth in terms of VONB in 3Q16, driven by both agency productivity and better product mix.

The combined ratio of P&C segment was 94.9% in 9M16, a 0.4 pts improvement from 1H16's 95.3%, reflecting Ping An may still be benefitting from the auto insurance pricing reform.

Auto insurance premium grew 8% yearly in 3Q, still very healthy.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Fri Oct 28, 2016 3:28 pm

<Post Result>Brokers' Latest Ratings & TPs on PING AN (02318.HK) (Table)

After trading hours yesterday, PING AN (02318.HK) announced the result for the first three quarters ended 30 September 2016.

During the period, net profit attributable to shareholders rose 17.1% yearly to RMB56.508 billion.

For the third quarter alone, net profit rose 15.4% yearly to RMB15.73 billion; VONB in life insurance surged 48.1% yearly to RMB35.348 billion.

12 brokers listed their latest ratings and target prices on PING AN, with 2 lifting their target prices:

Brokers/ Ratings/ Target prices (HK$)
JPMorgan/ Overweight/ 80
Nomura/ Buy/ 64.07
Macquarie/ Outperform/ 60
Citigroup/ Buy/ 55
Daiwa/ Buy/ 54
Bank of America Merrill Lynch/ Buy/ 52.26
Credit Suisse/ Outperform/ 49->51.8
BOC International/ Buy/ 48.42->51.75
CICC/ Recommend/ 51
UBS/ Buy/ 48.41
Morgan Stanley/ Overweight/ 48
Goldman Sachs/ Buy (CL Buy)/ 46.7


Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Tue Nov 15, 2016 10:54 am

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Ping An (H) is trading at 0.84x P/EV and 1.4x P/B, 1.3% premium to Ping An (A).

Maintain OUTPEFORM rating and TP of HK$51.80.

Source: CS
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Re: Ping An 2318

Postby winston » Mon Nov 21, 2016 10:39 am

Nov 15, 2016

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PING AN Jan-Oct Life Insurance Income Up 32.58%

PING AN (02318.HK) announced that for the first ten months, the gross premium income of Ping An Life Insurance, Ping An Property & Casualty Insurance, Ping An Health Insurance and Ping An Annuity Insurance were RMB236.373 billion, RMB141.8 billion; RMB661 million and RMB13.724 billion, up 32.58%, 5.63%, 43.15% and 21.29% respectively.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Tue Nov 22, 2016 9:07 pm

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Ping An Insurance 中国平安集团 (2318 HK)

Ping An Insurance’s business is divided into Life insurance (35% earnings), P&C insurance (15% earnings) and Banking segment (25% earnings).

With growing life insurance market in China, the life insurance segment should be supported.

Also, Lufax, an online-financing platform and Ping An Securities are possible to spin-off from the group providing another catalyst for share price.

We suggest a BUY recommendation with a target price of HK$47.00.

http://www.pingan.cn/en/ir/index.shtml

Source: UOBKH
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Re: Ping An 2318

Postby winston » Mon Dec 12, 2016 7:46 am

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Ping An Insurance adopts new bookkeeping to highlight policyholders, saying it should be valued as an internet financial services provider

Ping An publishes data showing profit per customer, illustrating its focus on rapid growth and online reach

by Jennifer Li

China Life Insurance has seen its A shares rise more than 10 per cent in the first two days of this week.
Chinese insurers will see valuations rebound as bond yields rise
Ping An is China’s second-largest insurer, with its business spanning life and general insurance, banking, wealth management, internet finance and health.
Ping An sees internet business as key to future growth
Ping An Securities becomes the latest mainland brokerage seeking to tap Hong Kong’s equity market

Ping An Insurance (Group) Company of China, the country’s largest insurer by market value, has adjusted its disclosure method to focus on earnings generated by an individual customer, as it endeavours to be valued as an internet financial services provider rather than a traditional insurer.

“We are a 7-Eleven for financial and life products,” Lee Yuan Siong, executive vice president and chief insurance business officer said in a conference in Xiamen.

The company recorded 195 yuan interim profit from every financial customer, compared with 280 yuan for the whole year in 2015, Lee said, adding that it will continue to disclose the number in its financial reporting.

Return on equity at its retail business reached 13.4 per cent in the first half, compared with 19.6 per cent for the whole year last year.

Ping An, with 27 subsidiaries offering services such as life insurance, banking, investment planning and online medical consultation, had 342 million individual customers as of the end of June, among whom nearly 122 million are financial customers and 298 million are internet users, according to its filing to the Hong Kong stock exchange on Thursday.

Customer numbers had been growing at 20 per cent a year, which Lee describes as “four times Singapore’s population”.

Meanwhile average consumption per capita also maintained stable growth, he said. Every customer had 1.81 services and 2.16 product contracts in the first half, comparing with 1.67 services and 2.03 contracts for the whole year in 2015, according to its filing.

Feng Lihui, deputy manager at Beijing-based Gelei Investment, said: “This is a model usually adopted to value an internet firm. People evaluate how the customer base translates to potential profit and give a valuation on internet firms, even though some of them haven’t made a profit yet.”

“So far investors only evaluate Ping An based on its insurance business, because the remaining part, especially the internet related business, is too complicated to comprehend,” Feng said, adding that it is still uncertain whether investors will accept its new valuation model.

The adjustment marks Ping An’s effort to shift its image as a traditional insurer to a financial and internet corporation, after Lee said in October that Ping An’s share price was undervalued as much as 45 per cent, due to the “conglomerate discount” on the aggregate value of its business lines.

“[Analysts and investors] gave us a discount due to risk concerns on China’s economy or our management, making one plus one less than two. But in our case,one plus one should be bigger than two,” Lee said.

Among life insurance clients, 14 per cent bought wealth management and credit card services in the first half. Meanwhile, 12,400 users of its medical service app Ping An Good Doctor have become life insurance buyers.

Life insurance continues to be the biggest profit engine for the company, Yao Bo, chief financial officer said, adding that the impact of a low interest rate environment on long-term protection products is small, which accounts for 70 per cent of its overall new business value and makes the company less sensitive to interest rate declines compared with its peers.

Source: SCMP

http://www.scmp.com/business/companies/ ... -be-valued
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