by winston » Mon Sep 03, 2018 10:34 am
not vested
PING AN(2318)
Analysis:
In 1H18, Ping An achieved an operating profit attributable to shareholders of RMB59.3bn (+23.3% yoy).
Net profit increased 31.9% yoy to RMB64.7bn. Net profit attributable to shareholders rose 33.8% yoy to RMB58.1bn.
Given the fast growth in operating profit, Ping An is increasing cash dividends. An interim dividend of RMB0.62 per share will be paid in cash, up 24.0% yoy.
The number of retail customers saw a strong growth of 25.2% yoy to 179mn. Each customer held 2.39 contracts on average, up 4.8% yoy.
Operating profit per customer rose by 2.5% yoy to RMB281. The life and health insurance business recorded an operating profit of RMB35.6bn (+24.7% yoy). Net profit rose 44.2% yoy to RMB34.4bn. The NBEV grew by 0.2% yoy to RMB38.7bn amid industry restructuring. The unannualized ROEV reached 17.6%. Sales agents increased by 5.5% yoy to 1.399mn.
Strategy:
Buy-in Price: $75.60, Target Price: $90.00, Cut Loss Price: $68.00
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"