Ping An 2318

[winston]

MARKET TALK: Ping An May Hammered; YT Cheng Sold Twice

[winston]

Not vested

Cheng Yu-tung, the chairman of New World Development , sold 196 million H-shares of Ping An Insurance on Aug 23 and Aug 24, according to a stock exchange disclosure.

Source: HONG KONG ECONOMIC TIMES

[winston]

Not vested

Down 15% yesterday and up 8% today. Go figure ..

HSBC supposedly not selling but who says they were selling unless they get burnt in Europe. Will they get burnt in Europe ?

[winston]

Not vested. I think most people have no plans to sell unless they are forced to ..

DJ MARKET TALK:Ping An +8.1%; Major Holders Have No Plans To Sell

1025 [Dow Jones] Ping An (2318.HK) is the best-performing blue chip as it rebounds 8.1% to HK$45.95 after taking a 14.7% beating Monday despite a lack of negative company-specific newsflow.

The company says after market close Monday that its major shareholders have no plans to reduce their stakes--this appeared to be aimed at squashing market chatter that HSBC (0005.HK), which owns a 16% stake in Ping An, may sell its shares.

An HSBC spokeswoman declined to comment on the talk. On the company's fundamentals, Goldman Sachs says ongoing tightening and inflation still impose risks to NBV growth, bank operations, and investment return, but with the H/A shares "currently trading below trough valuations," it keeps Ping An on its Asia Pacific Buy list.

Source: Dow Jones Newswire

[winston]

not vested. For the P&C business, it's all about profits not revenue ...

DJ MARKET TALK: Ping An +3.9%;Property & Casualty Growth Strong-CS

1003 [Dow Jones] Ping An (2318.HK) is up 3.9% at HK$62.20, in line with China Life's (2628.HK) 4.0% gain, supported by recent improvement in A-share market performance.

Following the release of its premium data (Friday after market close), Credit Suisse says its life premium growth in October remains subdued (+4.3% on-year), but property & casualty growth (+29.1%) continues to be strong.

"We note that October is the fifth consecutive month with single-digit growth (in life premium).

However, we highlight that the weak growth is likely due to positive premium duration mix change towards longer-duration products and positive product mix change towards traditional products."

It keeps a Neutral call with a target of HK$80.00.

Source: Dow Jones Newswire

[winston]

Vested with a Bear Put

DJ MARKET TALK: Guotai Junan Keeps Buy On Ping An; Ups Target To CNY76
Feb 10, 2012

0513 GMT [Dow Jones] STOCK CALL: Guotai Junan Securities keeps its Buy recommendation on Ping An Insurance (601318.SH), but raises its 12-month target to CNY76.00 from CNY64.00 on rapid growth in all the company's businesses.

Guotai Junan analyst Peng Yulong says all of Ping An's business lines are growing faster than the overall industry. The company is now the second-largest life insurer in China, and is gaining on the market leader, while its banking and investment divisions are growing strongly.

Peng says life insurance will remain Ping An's primary earnings driver over the next three to five years, but that banking and investment businesses will become more important and profitable.

Source: Dow Jones Newswire

[winston]

vested thru Put

DJ MARKET TALK: Ping An +0.9%; Feb Slowdown Disappointing -BarCap

1005 [Dow Jones] Ping An (2318.HK) is up 0.9% at HK$63.85 but slightly lagging the HSI's 1.1% rally, after it reports its life insurance premiums for the January and February period rose 12% on-year to CNY36.9 billion.

Barclays Capital says that growth slowed to 7% in February, vs 16% in January; "after stronger-than-expected January growth, the slowdown in February is disappointing, and requires further confirmation."

It adds that Ping An P&C, on the other hand, reported 39% on-year growth in February, with the year-to-date growth rate up to 19%.

The house says Ping An has outperformed the sector and the market in 2012, up 24% year-to-date, and "we see the risk of profit-taking given the disappointing Feb premium number."

Still, with the company reporting on Friday of what is likely the strongest set of results in the sector, "we believe the current valuation of 6X 2012 (value of new business) remains attractive."

Source: Dow Jones Newswire

[winston]

Vested thru a Bear Put Warrant

Feb 17, 2012

PING AN (02318) cut to Neutral with target maintained at $69.11 by BofA ML

Bank of America Merrill Lynch reported on PING AN (02318) stating its Neutral rating and target $69.11 with the following details:

Rally, but no changes in fundamentals... upside at 5.7%

We downgrade Ping An to Neutral as the stock has rallied by 27.7% outperforming the HSCEI by 14.3% and our fair value only implies 5.7% upside potential.

Ping An has rallied on the back of market’s expectations of improving liquidity. Nonetheless, A-share only increased by 7-8.0% to date, and there has been no change in Ping An’s investment return and premium growth momentum.

While we maintain our long term positive view on Ping An, we believe the stock may not outperform in the near term, given there is with no visible improvement in growth momentum and potential disappointment in FY11 VNB. With 5.7% upside potential to our target price, we downgrade Ping An to Neutral, PO maintained at HK$69.11.

Equity may boost momentum, but not high BETA

Ping An is currently trading at 1.57x P/EV and 8.02x new biz multiple, lower than two year historical average of 1.95x P/EV and 12.75x new biz multiple.

That said, given premium growth momentum in the near term may remain weak; the sector may not re-rate to its two year historical valuation.

Should equity market rally, Ping An may trade up in line with the market to its two year historical average of 1.95x P/EV and 12.75x new business multiple (implying values of HK$76.40 to HK$81.40 and 17-24% upside). Nonetheless, for BETA exposure, we would prefer New China Life and for defensive exposure, we prefer CPIC.


What to watch out for?

- We believe that FY11 VNB (due mid March) for Ping An would come in at around 8.0%, which is lower than market expectations. Further 1Q12 FYP may be slower than peers. Hence no fundamental catalyst in the near term.
- On the positive end, the potential implementation of deferred tax pension program could boost momentum.

http://www.aastocks.com/EN/News/HK6/023 ... 74163.html

[winston]

vested thru a Bear Put Warrant

Hit and miss for mainland insurer
Friday, March 16, 2012

Ping An Insurance (2318) earnings surged 12.5 percent last year from 2010 to 19.5 billion yuan (HK$23.9 billion) - below the market estimate of 20 billion yuan because of weak investment returns and accounting factors.

Earnings per share were 2.5 yuan.

China's second-largest insurer also announced a final dividend of 25 fen.

But its solvency adequacy ratio plunged to 166.7 percent last year, from 197.9 percent by the end of 2010.

Excluding a one-off accounting gain of 1.95 billion yuan from consolidation of Shenzhen Development Bank, net profit gained 23.8 percent to 21.43 billion yuan.

But earnings from investments dived 42 percent to 1.6 billion yuan. Total investment yield fell to 4 percent, from 4.9 percent in 2010.

Last year the life business grew 18.5 percent, while property and casualty insurance increased 28.8 percent.

Earnings in the banking business jumped 176.8 percent to 8 billion yuan. The stock rose 0.9 percent to HK$63.35.


http://www.thestandard.com.hk/news_deta ... 20316&fc=8

[winston]

DJ MARKET TALK: Ping An Likely Calm After In-Line FY11 Results

0757 [Dow Jones] Ping An (2318.HK) is likely to be calm after it said its FY11 net profit rose 13% on year to CNY19.48 billion, in line with the average CNY19.52 billion net profit forecast of five analysts.

The earnings growth is in stark contrast to larger rival China Life (2628.HK), which earlier this month issued a FY11 profit warning, as Ping An's diversified operations help reduce its exposure to China's increasingly competitive insurance market and make it less vulnerable to capital market fluctuations.

A bright spot from the results is that earnings from its banking operations more than doubled to CNY7.98 billion, following its takeover of Shenzhen Development Bank (000001.SZ); this more than offset impairment losses surging to CNY2.61 billion from CNY540 million a year earlier. The stock ended up 0.9% at HK$63.35 Thursday.

Source: Dow Jones Newswire