not vested
Brokers│Views
JPMorgan│Management forecast turnaround to see positive NBV growth in 1Q23 and 2023
UBS│2022 results in line; outlook guidance constructive
Citigroup│2022 NBV in line; earnings growth slightly missed
Nomura│2022 OPAT missed, affected by property insurance and investment businesses
Credit Suisse│1Q23 growth target positive
Goldman Sachs│2022 earnings growth missed; focus on NBV improvement
Jefferies│2022 results mixed with anticipation for resuming NBV growth
CLSA│Results largely in line
Daiwa│2022 NBV performance fell short of forecasts
Related News: CICC Expects Strong Growth for CN Energy and Retail Stocks, Better-than-Expected Results for SMIC, PING AN
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... t-news/HK6
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Ping An 2318
Re: Ping An 2318
by winston » Thu Mar 16, 2023 1:49 pm
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Fri Mar 17, 2023 8:42 am
not vested
Ping An Insurance Group (2318 HK)
2022: Results Below Expectations; Expect 1Q23 NBV To Turn Positive
Ping An's 2022 results missed our expectations due to the challenging macroeconomic
conditions.
However, the positive impact from its life insurance reform has started to take effect, resulting in a positive growth in life NBV in Feb 23, which continued into Mar 23.
Management expects positive NBV growth for 1Q23 and 2023.
Management announced an annual dividend of Rmb2.42 per share.
We maintain our BUY rating but cut target price to HK$67.50 as we trim our 2023/24 net profit.
Source: UOBKH
https://research.uobkayhian.com/content ... ca833585d3
Ping An Insurance Group (2318 HK)
2022: Results Below Expectations; Expect 1Q23 NBV To Turn Positive
Ping An's 2022 results missed our expectations due to the challenging macroeconomic
conditions.
However, the positive impact from its life insurance reform has started to take effect, resulting in a positive growth in life NBV in Feb 23, which continued into Mar 23.
Management expects positive NBV growth for 1Q23 and 2023.
Management announced an annual dividend of Rmb2.42 per share.
We maintain our BUY rating but cut target price to HK$67.50 as we trim our 2023/24 net profit.
Source: UOBKH
https://research.uobkayhian.com/content ... ca833585d3
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Re: Ping An 2318
by winston » Fri Mar 24, 2023 10:55 am
not vested
Ping An Insurance
Datapoints indicate a good 1H23F
We are increasingly confident of double-digit first-year premium (FYP) growth in 1H23F, driven by both strength in bancassurance and agent productivity.
Mar-Jun 2023F FYP growth yoy to benefit from a low base, in our view. 2023F subway traffic running well above 2019 levels is also a key positive.
While we still expect subdued margins, in part due to assumption changes, we remain confident of Ping An delivering a 9% NBV growth in FY23F.
We reiterate our Add call, with an unchanged SOP-based TP of HK$80
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 456BC79A2F
Ping An Insurance
Datapoints indicate a good 1H23F
We are increasingly confident of double-digit first-year premium (FYP) growth in 1H23F, driven by both strength in bancassurance and agent productivity.
Mar-Jun 2023F FYP growth yoy to benefit from a low base, in our view. 2023F subway traffic running well above 2019 levels is also a key positive.
While we still expect subdued margins, in part due to assumption changes, we remain confident of Ping An delivering a 9% NBV growth in FY23F.
We reiterate our Add call, with an unchanged SOP-based TP of HK$80
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 456BC79A2F
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Ping An 2318
by winston » Thu Apr 27, 2023 6:02 am
not vested
Ping An net surges 49pc to 38b yuan
Ping An Insurance (2318) saw its first quarter net profit surge by 49 percent year-on-year to 38.35 billion yuan (HK$43.48 billion), as its total revenue jumped by 27.9 percent to 281.6 billion yuan.
The company's insurance revenue for the period was 133.106 billion yuan, reflecting a year-over-year increase of 2.12 percent.
The value of new business for life and health insurance grew by 8.8 percent year-on-year to reach 13.7 billion yuan.
As of the end of March, Ping An's retail customer base had grown to nearly 229 million, marking a 0.9 percent increase from the beginning of the year. Additionally, the contracts per customer had increased by 0.3 percent year to date, reaching 2.98.
In the first quarter of 2023, Ping An's insurance funds investment portfolio achieved an annualized net investment yield of 3.1 percent and an annualized total investment yield of 3.3 percent.
Ping An's insurance fund investment portfolio size reached over 4.49 trillion yuan as of the end of March, indicating a 3.1 percent increase from the beginning of the year.
Besides, the insurer increased its technology patent applications, which totaled 47,229 as of March 31, 2023.
Sales realized by AI service representatives accounted for 49 percent of the total sales volume of all service representatives, and customer services provided by AI service representatives represented 81 percent of its total customer service volume in the first quarter.
Source: The Standard
https://www.thestandard.com.hk/section- ... o-38b-yuan
Ping An net surges 49pc to 38b yuan
Ping An Insurance (2318) saw its first quarter net profit surge by 49 percent year-on-year to 38.35 billion yuan (HK$43.48 billion), as its total revenue jumped by 27.9 percent to 281.6 billion yuan.
The company's insurance revenue for the period was 133.106 billion yuan, reflecting a year-over-year increase of 2.12 percent.
The value of new business for life and health insurance grew by 8.8 percent year-on-year to reach 13.7 billion yuan.
As of the end of March, Ping An's retail customer base had grown to nearly 229 million, marking a 0.9 percent increase from the beginning of the year. Additionally, the contracts per customer had increased by 0.3 percent year to date, reaching 2.98.
In the first quarter of 2023, Ping An's insurance funds investment portfolio achieved an annualized net investment yield of 3.1 percent and an annualized total investment yield of 3.3 percent.
Ping An's insurance fund investment portfolio size reached over 4.49 trillion yuan as of the end of March, indicating a 3.1 percent increase from the beginning of the year.
Besides, the insurer increased its technology patent applications, which totaled 47,229 as of March 31, 2023.
Sales realized by AI service representatives accounted for 49 percent of the total sales volume of all service representatives, and customer services provided by AI service representatives represented 81 percent of its total customer service volume in the first quarter.
Source: The Standard
https://www.thestandard.com.hk/section- ... o-38b-yuan
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Re: Ping An 2318
by winston » Thu Apr 27, 2023 9:38 am
not vested
Ping An Insurance Group (2318 HK)
1Q23: Net Profit Above Expectations; Signs Of Recovery Emerge
Ping An’s 1Q23 net profit and NBV increased by 42.5% yoy and 8.8% yoy respectively,
beating our expectations.
The better-than-expected results were mainly driven by the agency, bancassurance, and community grid channels, demonstrating positive yoy growth.
Looking ahead, management expects premiums to rebound on macroeconomics.
Maintain BUY with a higher target price of HK$70.45 as we slightly tweak our 2023/24 forecasts to reflect a solid revenue recovery.
Source: UOBKH
https://research.uobkayhian.com/content ... 9e9e9315ba
Ping An Insurance Group (2318 HK)
1Q23: Net Profit Above Expectations; Signs Of Recovery Emerge
Ping An’s 1Q23 net profit and NBV increased by 42.5% yoy and 8.8% yoy respectively,
beating our expectations.
The better-than-expected results were mainly driven by the agency, bancassurance, and community grid channels, demonstrating positive yoy growth.
Looking ahead, management expects premiums to rebound on macroeconomics.
Maintain BUY with a higher target price of HK$70.45 as we slightly tweak our 2023/24 forecasts to reflect a solid revenue recovery.
Source: UOBKH
https://research.uobkayhian.com/content ... 9e9e9315ba
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Thu Apr 27, 2023 2:43 pm
not vested
Brokers│Views
JPMorgan│Life insurance growth resumed with stable earnings and capital
UBS│NBV growth resumed across all channels
CMB International│NBV beat forecast
Goldman Sachs│Earnings in line with estimate-beating NBV
HSBC Global Research│NBV on the right track
Citigroup│NBV benefited from banking insurance business; decline in operating profit after taxation negative
Credit Suisse│Recovery started
Jefferies│NBV recovery affirmed, reiterated Buy rating
BofA Securities│Life insurance business showed signs of initial recovery
CLSA│Quarterly results beat forecast
Daiwa│1Q23 operating profit after taxation missed with lingering structural issues on life
insurance and property insurance businesses
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Brokers│Views
JPMorgan│Life insurance growth resumed with stable earnings and capital
UBS│NBV growth resumed across all channels
CMB International│NBV beat forecast
Goldman Sachs│Earnings in line with estimate-beating NBV
HSBC Global Research│NBV on the right track
Citigroup│NBV benefited from banking insurance business; decline in operating profit after taxation negative
Credit Suisse│Recovery started
Jefferies│NBV recovery affirmed, reiterated Buy rating
BofA Securities│Life insurance business showed signs of initial recovery
CLSA│Quarterly results beat forecast
Daiwa│1Q23 operating profit after taxation missed with lingering structural issues on life
insurance and property insurance businesses
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Fri Apr 28, 2023 2:22 pm
not vested
PING AN OF CHIN(601318)
Analysis：
The company released its 2023Q1 results.
Ping An`s net profit attributable to the parent was 38.35 billion, +48.9% year-on-year;
Operating profit attributable to the parent was 41.39 billion, -3.4% year-on-year;
Annualized operating ROE was 18.8%;
Life insurance NBV was 13.70 billion, +8.8% year-on-year;
The comprehensive ratio was 98.7%, +2.0pc year-on-year;
The core indicators grew faster than expected.
The net profits attributable to the parent of life insurance, property insurance, banking, asset management and technology businesses were 249.7, 45.2, 8.46, 1.31, and 850 million, respectively, +13.6% year-on-year.
Asset management and technology business profits fell sharply, -49.4% and -61.3% year-on-year respectively.
The company has firmly implemented the "4 channels + 3 products" strategy, and the reform has shown results.
It has passed the most difficult period and is starting a new growth cycle.
It is expected to achieve NBV growth recovery and investment performance recovery in 2023. The reversal of fundamentals is expected to improve valuation.
Strategy：
Buy-in Price: RMB50.37, Target Price: RMB54.00, Cut Loss Price: RMB47.35
Source: Phillips
PING AN OF CHIN(601318)
Analysis：
The company released its 2023Q1 results.
Ping An`s net profit attributable to the parent was 38.35 billion, +48.9% year-on-year;
Operating profit attributable to the parent was 41.39 billion, -3.4% year-on-year;
Annualized operating ROE was 18.8%;
Life insurance NBV was 13.70 billion, +8.8% year-on-year;
The comprehensive ratio was 98.7%, +2.0pc year-on-year;
The core indicators grew faster than expected.
The net profits attributable to the parent of life insurance, property insurance, banking, asset management and technology businesses were 249.7, 45.2, 8.46, 1.31, and 850 million, respectively, +13.6% year-on-year.
Asset management and technology business profits fell sharply, -49.4% and -61.3% year-on-year respectively.
The company has firmly implemented the "4 channels + 3 products" strategy, and the reform has shown results.
It has passed the most difficult period and is starting a new growth cycle.
It is expected to achieve NBV growth recovery and investment performance recovery in 2023. The reversal of fundamentals is expected to improve valuation.
Strategy：
Buy-in Price: RMB50.37, Target Price: RMB54.00, Cut Loss Price: RMB47.35
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Mon May 15, 2023 10:12 am
not vested
PING AN (02318.HK) 4M23 Premium Income Grows 5.9% YoY to RMB322.7B
PING AN (02318.HK) -0.050 (-0.089%) announced that for the first four months ended April, the accumulated gross premium incomes of its four subsidiaries totaled RMB322.707 billion, an increase of 5.9% YoY.
During the period, Ping An Property & Casualty Insurance, Ping An Life Insurance, Ping An Annuity Insurance and Ping An Health Insurance, have accumulated gross premium incomes of RMB100.459 billion, RMB208.185 billion, RMB8.214 billion and RMB5.849 billion respectively, representing YoY increases of 5.8%, 6%, 0.4% and 13.5% respectively.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
PING AN (02318.HK) 4M23 Premium Income Grows 5.9% YoY to RMB322.7B
PING AN (02318.HK) -0.050 (-0.089%) announced that for the first four months ended April, the accumulated gross premium incomes of its four subsidiaries totaled RMB322.707 billion, an increase of 5.9% YoY.
During the period, Ping An Property & Casualty Insurance, Ping An Life Insurance, Ping An Annuity Insurance and Ping An Health Insurance, have accumulated gross premium incomes of RMB100.459 billion, RMB208.185 billion, RMB8.214 billion and RMB5.849 billion respectively, representing YoY increases of 5.8%, 6%, 0.4% and 13.5% respectively.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Re: Ping An 2318
by winston » Fri Jul 14, 2023 8:38 am
Navigating a 70% growth cliff
The acceleration of Ping An’s 2Q23’s individual first year premium (FYP) growth to 70% yoy (from 1Q23’s 10%) beat our forecast of 50% yoy.
Given that 1Q23’s 10% individual FYP growth led to 1Q23’s 8.8% NBV growth, a 2Q23F NBV growth of more than 60% looks possible.
With the strong 2Q23 FYP growth, in part due to regulatory changes, we see risks of falling NBV growth yoy in both 3Q23F and 2Q24F. Reiterate Add. TP HK$80
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 327316EB3B
The acceleration of Ping An’s 2Q23’s individual first year premium (FYP) growth to 70% yoy (from 1Q23’s 10%) beat our forecast of 50% yoy.
Given that 1Q23’s 10% individual FYP growth led to 1Q23’s 8.8% NBV growth, a 2Q23F NBV growth of more than 60% looks possible.
With the strong 2Q23 FYP growth, in part due to regulatory changes, we see risks of falling NBV growth yoy in both 3Q23F and 2Q24F. Reiterate Add. TP HK$80
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 327316EB3B
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Ping An 2318
by winston » Wed Jul 26, 2023 9:45 am
not vested
Ping An Insurance Group (2318 HK)
Strong Premium Growth In 1H23; Limited Impact Under New Accounting Standard
Ping An’s 1H23 and June insurance premium increased 7.2% and 12.9% yoy respectively, underpinned by strong demand for savings insurance products and 3.5% life insurance products.
Looking ahead, we expect premium growth to soften in 2H23 after the exit of the 3.5% insurance product.
The recent disclosure of financial information under IFRS 17 by Ping An shows a smooth transition with minimal impact.
Maintain BUY with unchanged target price of HK$70.45.
Source: UOBKH
https://research.uobkayhian.com/content ... 61f36f4bda
Ping An Insurance Group (2318 HK)
Strong Premium Growth In 1H23; Limited Impact Under New Accounting Standard
Ping An’s 1H23 and June insurance premium increased 7.2% and 12.9% yoy respectively, underpinned by strong demand for savings insurance products and 3.5% life insurance products.
Looking ahead, we expect premium growth to soften in 2H23 after the exit of the 3.5% insurance product.
The recent disclosure of financial information under IFRS 17 by Ping An shows a smooth transition with minimal impact.
Maintain BUY with unchanged target price of HK$70.45.
Source: UOBKH
https://research.uobkayhian.com/content ... 61f36f4bda
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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