Ping An 2318

Re: Ping An 2318

Postby winston » Mon Dec 12, 2016 9:40 am

Takeaways from Ping An's Investor Day

Ping An hosted an Investor Day on 9 Dec and discussed:
(1) quality of VNB from protection;
(2) sustainable earnings growth; and
(3) new EV rules.

We are impressed by its low contribution of interest margins in VNB, -39% (46% of VIF), significantly lower than peers (i.e.
China Life 80%+). This allows Ping An to capture secular growth of the protection business, while minimising investment volatilities.

Assuming investment return is down to 3.7%, the new money yield level, VNB of L/T protections would decline by 21%,
eliminating entire spread income but retaining the healthy 80% VNB from mortality/ expense gains.

Ping An presents its residual margin amortisation (RMA), its core earnings source as a good indicator of the intrinsic value of the
life business. RMA records a 22% 5-year CAGR to Rmb29 bn in 2015, and its balance reached Rmb386 bn by end-1H16.

Looking ahead, we expect its core earnings (RMA) growth to be strong and sustainable, thanks to the consistent focus on L/T protections.

We lift our TP to HK$54 (28% upside) after increasing life multiples (1.4xP/EV). At 1xP/Group EV and 1.8xP/B (12M FWD),
we prefer Ping An to China life on quality and growth sustainability. Ping An is a CS AxJ Focus List stock.

Source: CS
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Re: Ping An 2318

Postby winston » Fri Dec 23, 2016 1:40 pm

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Dec 14, 2016

PING AN Jan-Nov Life Insurance Income Up 32.38%

PING AN (02318.HK) announced that for the first eleven 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 RMB254.244 billion,
RMB158.288 billion; RMB717 million and RMB14.433 billion, up 32.38%, 7.22%, 45.76% and 17.42% respectively.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Wed Jan 18, 2017 8:33 am

Yao Bo: PING AN Strives to Use Internet to Explore Biz, Turning Users into Customers

PING AN (02318.HK) 0.000 (0.000%) Short selling $72.37M; Ratio 11.593% Chief Financial Officer Yao Bo said at the Asian Financial Forum that over the past few years, the group has been actively using the Internet to develop platforms such as housing, medical care and automobiles, to obtain a large number of users and convert them into customers.

The group is now having more than 300 million users and about half have become customers who are creating value for the group.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Fri Mar 17, 2017 1:33 pm

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<Research Report>JPM Recommends to Overweight PING AN before Results; Expects Ping An Bank Flattish Profit Not To Affect Share Price

JP Morgan, in its report, said that the weak results and flattish future profit growth of Ping An Bank (000001.SZ) should not pose tremendous impacts on PING AN (02318.HK)'s share price since Ping An Bank's earnings contribution to Ping An was only approximately 17%.

It is believed that such proportion will further drop to below 15% in the next two years, far lower than that of 30% in 2015.

In addition, in the past few quarters, the quarterly results of Ping An Bank had little impact on share price of PING AN.

The research house reiterated PING AN at Overweight and recommended to accumulate the stocks before results announcement. The target price was $84.

Source: AAStocks Financial News
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Re: Ping An 2318

Postby winston » Thu Mar 23, 2017 6:23 am

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Ping An’s profit up 15pc in 2016 from one-off gain, more insurance sales

The earnings last year include a one-off 9.5 billion yuan gain from internal restructuring. Excluding this, Ping An’s net profit in 2016 would have dipped 2 per cent to 52.9 billion yuan.


The company had 131 million customers at the end of 2016, up 20 per cent year on year, while its internet finance users grew 43 per cent year on year to 346 million.




Ping An’s core insurance business was boosted by a 28 per cent increase in number of sales agents to 1.1 million.

The expanded team’s efforts resulted in the value of its new life business in 2016 jumping 32 per cent year on year to 50.8 billion yuan.



Source: SCMP

http://www.scmp.com/business/banking-fi ... ance-sales
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Re: Ping An 2318

Postby winston » Thu Mar 23, 2017 6:49 am

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Ping An net profit soars 15pc

by Koey Yip

China's second largest insurer, Ping An Insurance (2318), saw year-on-year 15.1 percent growth in net profit for 2016, hitting over 62 billion yuan (HK$69 billion).

Revenue grew 11.7 percent to 774 billion yuan from the previous year.

Major source of revenue, life insurance business, generated 373 billion yuan of written premium, up about 24.7 percent from a year back. The business also contributed more than 22.5 billion yuan net profit for the insurer.

Value of new business soared 32.2 percent from 2015 to 50.8 billion yuan in 2016 while it had 38 million new clients for the year.

Meanwhile, the insurer has 346 million internet users, up by 43.4 percent from the begin of 2016.

However, the insurer is likely to face headwinds in 2017 as its Ping An Bank unit struggles against a regulatory clampdown on off-balance-sheet instruments and lower core capital, according to a March note from Daiwa Capital Markets.

Source: The Standard
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Re: Ping An 2318

Postby winston » Thu Mar 23, 2017 10:54 am

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Why Ping An Insurance Has Another 40% Upside

By Shuli Ren

The most surprising part of Ping An’s earnings is its dividend boost. Ping An declared a final dividend of 0.55 yuan per share, bringing the full-year dividend to 0.75 yuan per share, or 1.9% dividend yield.


Protection-type products now account for about three-quarters of Ping An’s total assets, versus less than half only 5 years ago.

Nomura thinks Ping An is worth 64.07 Hong Kong dollars per share, using enterprise valuation.


AIA Group trades at 14.5 times enterprise value-to-earnings before interest, taxes, depreciation and amortization (EV/EBITDA), while Ping An trades at 8.5 times multiple.


Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... 40-upside/
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Re: Ping An 2318

Postby winston » Sat Mar 25, 2017 8:33 am

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China Huishan Dairy shares plunge as much as 91 per cent

Dairy company plunges in Hong Kong trade on Friday, one day after it held closed-door talks with 23 major local lenders

On Thursday, representatives of Huishan were called into a meeting with 23 of its major local creditor banks, including ICBC, Bank of China, Bank of Communications and China Development Bank, according to a copy of a notice issued by the finance administration office of Liaoning province seen by the Post.


“Huishan has been constantly raising capital via sale-leasebacks on its assets over the last year with little-known financial leasing companies, which suggests the company is quite desperate for cash”


The company has 1.38 billion yuan of debt maturing in October 2018


The stock plunge could also bring paper losses to Ping An Bank, a unit of Ping An Insurance, which issued a HK$2.1 billion loan to the dairy farm operator in late 2016 collateralised by 25 per cent of Huishan’s outstanding shares.


Source: SCMP

http://www.scmp.com/business/companies/ ... -suspended
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Re: Ping An 2318

Postby winston » Fri Apr 28, 2017 7:32 am

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Ping An Insurance net up

by Carrie Chen

Ping An Insurance (Group) Company of China (2318) said net profit in the first quarter increased 11.4 percent to 23.05 billion yuan (HK$26.01 billion) from 20.7 billion yuan a year ago.

Basic earnings per share were 1.29 yuan.

It said value of new business jumped 60 percent to 21.26 billion yuan from 13.29 billion yuan.

Net profit from its life insurance unit rose 4.2 percent to 13.3 billion yuan, while that from property and casualty insurance was 2.4 percent higher.

Meanwhile, Ping An Bank's net profit in the first quarter rose 2.1 percent to 6.2 billion yuan. Net interest income was 18.87 billion yuan, down 1.1 percent. Its non-performing loan ratio remained flat at 1.74 percent.

Source: The Standard
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Re: Ping An 2318

Postby winston » Fri Apr 28, 2017 2:00 pm

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<Research Report>C Suisse: PING AN (02318.HK) Target Lifted to $59.1 on Resilient 1Q Results

Credit Suisse highlighted in its report that PING AN (02318.HK)'s performance was strong in the first quarter, with the net profit rising 11% yearly and net asset value increasing 7% quarterly, reflecting the growth in enterprise value.

Credit Suisse raised Ping An's EPS forecast by 5%-9% with target price revised up from $58 to $59.1 and rating maintained at Outperform.

Source: AAStocks Financial News
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