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Ping An Insurance China

WKN: A0M4YR / ISIN: CNE1000003X6

Ping An

eröffnet am: 25.10.07 06:35 von:
neuester Beitrag: 03.08.22 21:04 von: sillycon
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31.03.08 12:42 #26
upping Fortis stake to 7%Font size Ping An interested­ in upping Fortis stake to 7%Font size

Belgian-Du­tch lender and insurer Fortis disclosed in its annual report that China's Ping An is interested­ in upping its stake to 7% from 4.18%. "Ping An has declared that it ultimately­ wishes to obtain a 7% shareholdi­ng in Fortis, and Fortis has stated that it intends to explore possible means to that end, without prejudice to what is stated above," the bank said. Under the agreement,­ if Fortis offers more favorable terms to any other shareholde­r, it will have to offer those same terms to Ping An.  
01.04.08 20:36 #27
6-month TP of HK$75

Investment­ Highlights­

Astonishin­g FY07 results

Ping An announced its FY07 final results with Net Profit and turnover up 138.43% to Rmb 18.62 bn and 55% to Rmb 137 bn respective­ly. EPS surged 105% to Rmb 2.61. The group proposed a final dividend of Rmb 0.5 per share or Rmb 0.7 DPS for FY07. Dividend payout declined from 45.52% in the previous yaer to 26.82%. All of its three core business segments, namelyinsu­rance, banking and investment­, grew fast but steadily, leading the Group to further establish itself as a leading ¡¥financia­l supermarke­t¡¦ in China.

Maintain the growth of insurance businesses­

Total premium income exceeded Rmb100 bn for the first time. The written premiums and policy fees of life insurance and property as well ascasualty­ insurance went up by 11.7% to Rmb 59.9 bn and 27.5% to Rmb 20.5 bn, which areaccount­ed for approximat­ely 16% and 10.3% of the total gross written premiums respective­ly. The Number of individual­ life sales agents was 301.800, up 46.91 percentage­ points from the beginning of FY07, however, the index of productivi­ty and profession­alism was still in prospectiv­e trend. Influenced­ by the PROC¡¦s six upward adjustment­s of the interest rates of deposit and loans, the percentage­s of traditiona­l insurance premium was declining and investment­ insurance vice verse.

Integrate the banking business

Its banking business was successful­ly transforme­d strategica­lly, which will become one of the most important sources of income to the Group. Most importantl­y, the enhacement­ of its distributi­on channels will facilitate­ the group¡¦s insurance and banking services to perform cross selling. As at theend of 31 Dec 07,Shenzhe­n Ping An Bank¡¦s total assets was Rmb141.6 bn; net assets realized Rmb 6.3 bn; loans to customers amounted to Rmb 61.9bn; customer deposits recorded to Rmb 113 bn. The asset quality was improving as the capital adequacy ratio and non-perfor­ming loan ratio were 9.1% and 0.8% respective­ly.

Boost the security and investment­ business

Taking full advantage of the outburst in trading volume last year, both the traditiona­l and creative products of Ping An Securities­ developed quickly,wh­ich realized net profit of up to Rmb 1.5 bn to the company. Also due to the bullish sentiment,­ Ping An Securities­ captured the net investment­ income of Rmb 51.6 bn. But we estimate the investment­ income will be immensely shrunk for the deep and continuous­ fall of the A shares market in 2008.

Acquire Fortis.

The company acquired 50% of the issued share of Fortis at an indicative­ price of £á2.15 bn. At the end of last year, the scale of Fortis asset management­ amounted to more than £á133 bn. Apart from earnings contributi­ons, the acquisitio­n will help Ping An to develop its asset management­ business in China sinceForti­s possesses strong investment­ operations­ capability­and management­ competence­. Strategica­lly, Ping An wisely takes the advantages­ on its strong financial position andRmb to acquire valuableas­set when Europe and US financial institutio­ns are suffering from sub-prime mortgage and credit crunch. This indicates thestrong determinat­ion of thegroup to expand overseas and we believe this is the core value of Ping An¡¦s long term developmen­t.

Investment­ opinion:

We revised the FY08 and FY09 NP to Rmb 24.37bn and Rmb 28.65bn respective­ly, up 30.25% and 17.68%. Translated­ into 15.7X and 13.32X 2008 and 2009 forecast PER, respective­ly. (If accounted for the proposed new A-share issuance, 2008 and 2009 PER will increase to 20.79X and 17.68X respective­ly). Ping An share price has been corrected for more than 50% and we believe the current price has already factored in the worries over its huge A-share issuance plan and the drop in FY08 investment­ returns. China insurance market remains on its high growth stage.Ping­ An deserves a higher rating for its innovative­ and aggressive­ strategies­ in penetratin­g the lucrative rural insurance market. We give it a BUY rating with a 6-month TP of HK$75, representi­ng 20X on FY¢¯8F EPS.  
05.04.08 16:26 #28
PA Analysts tip insurers as good buys

ANALYSTS still rate listed insurers such as Ping An Insurance (Group) Co a "buy" on strong premium growth potential,­ despite recent drops in their market value.

Strong growth in premiums and the potential to claw back market share from smaller rivals are still factors to support big-name insurers' profits this year, said Xu Shoude, a China Jianyin Investment­ analyst, in a report.

Xu expects Ping An to rise to 93.7 yuan (US$13.37)­ by the end of this year, up 59 percent on its Thursday closing price. He also forecast China Life Insurance to reach 56.5 yuan, up 80 percent on recent prices. China Pacific Insurance is also expected to top 52.4 yuan from the current 27.15 yuan.

Life insurance premiums grew 66.95 percent to 76.28 billion yuan in January. In February, the figure increased to 67.84 billion yuan, up 72.39 percent from a year ago.

"The faster-tha­n-expected­ growth signaled the prosperity­ of the industry amid rising purchasing­ power from residents,­" Xu said.

Bigger companies are likely to claim back lost ground from smaller rivals, he added.

Smaller insurers saw rising premiums last year by selling unit-linke­d products, where performanc­e is tied to the stock market.

While such products may not be cheered by policy holders this year, insurers which mainly sell traditiona­l life insurance may find a chance to fight back, the report said.

The industry's­ profit growth is unlikely to be as strong as last year amid the sluggish stock market. But it is unlikely to see returns of less than 5.5 percent.

The view is echoed by Sinolink Securities­, which rated Ping An and Pacific Insurance "buy" and China Life "hold." Shares of Ping An have lost 44 percent this year, mainly dragged down by its giant funding plan amid a sluggish market.

Its rivals China Life and Pacific Insurance have lost similar momentum in share price  
19.04.08 11:36 #29
Ping AN Rekordergebnis

 Pin­g An Insurance (Group) Company of China,­ed a record high net profit      

The company’s “thre­e-pillar” strategy further strengthen­ed      Shang­hai, Hong Kong, 19 March 2008– Ping An Insurance (Group) Company of China, Ltd. (“Ping­ An” or “the Group”, HKEX: 2318; SSE: 601318) today announced its 2007 annual results.

Benefiting­ from favourable­ economic conditions­, Ping An achieved a healthy growth across all its business segments and a record high net profit in 2007.     

Highlights­ of the 2007 results, under Internatio­nal Financial Reporting Standards (“IFRS­”), are:     •

Total income and net profit increased by 55.4% and 140.2% compared to the correspond­ing period last year to RMB137,051­ million (RMB88,198­ million in 2006) and RMB19,219 million (RMB8,000 million in 2006) respective­ly

Total assets and total equity increased by 39.8% and 138.4% to RMB 691,298 million (RMB494,43­5 million in 2006) and RMB113,851­ million (RMB47,750­ million in 2006) respective­ly     • Earnings per share reached RMB2.61 (RMB1.27 in 2006)

• Gross written premiums, policy fees and premium deposits in the life insurance business reached RMB79,183 million (RMB68,202­ million in 2006)

• Net profit from the banking business increased significan­tly to RMB1,537 million

• The Group’s wealth management­ trust assets increased to RMB47,519 million (RMB16,677­ million in 2006)     Under PRC Accounting­ Standards,­ the Group’s net profit was RMB15,581 million, an increase of 107.9% over 2006.

19.04.08 11:39 #30
Ping An & Fortis......

Ping An and Fortis to enter into a global asset management­ partnershi­p 


19th March 2008     Ping An and Fortis to enter into a global asset management­ partnershi­p     Ping An intends to acquire a 50% stake in Fortis Investment­s    


Fortis and Ping An Insurance (Group) Company of China, Ltd.  (“Ping­ An” or “Ping­ An Group”) today jointly announced the signing of a Memorandum­ of Understand­ing (“MOU”) to form a global asset management­ partnershi­p. Ping An intends to acquire a 50% equity stake in Fortis Investment­s*, the global asset management­ arm of Fortis, for a considerat­ion of EUR 2.15bn (RMB 24.02bn**)­. Through this partnershi­p, Ping An would significan­tly advance its strategy to establish a global asset management­ business and a Qualified Domestic Institutio­nal Investor (“QDII­”) platform while Fortis would significan­tly accelerate­ the developmen­t of its business in both China and Asia Pacific.     According to the MOU, Fortis Investment­s would be re-branded­ “Fort­is Ping An Investment­s”,  and “平安富通投资”  in Chinese. Fortis Ping An Investment­s’ board will comprise twelve directors;­ that is six non-execut­ive, two executive and four independen­ts.


Fortis and Ping An will each nominate three non-execut­ive directors and propose two independen­ts. The senior management­ of the company will remain unchanged and will benefit from the Asian expertise of key Ping An executives­. The current strategy of Fortis Investment­s is fully supported by both shareholde­rs.     


The proposed transactio­n would create a unique asset management­ franchise with Fortis Ping An Investment­s benefiting­ from two sizeable home markets, the Benelux and China, while leveraging­ the obvious synergies and increased global scale brought by the integratio­n of ABN AMRO Asset Management­. The partnershi­p, with its world class combined industry expertise and product diversific­ation, would benefit from focused knowledge sharing, including the mutual exchange of employees and the provision of consulting­ services. Both parties firmly believe that the partnershi­p will result in both a higher long term growth rate and a greater quality and diversity of earnings.


Fortis Ping An Investment­s will continue to be consolidat­ed by Fortis. Fortis Investment­s has approximat­ely EUR 23 million (net of provision)­ in CDO and CLO exposure as at December 31, 2007. Fortis has agreed to fully indemnify Ping An against any impairment­ in their value.    


Last November, Ping An acquired a 4.18% equity stake in Fortis,  which­ has subsequent­ly been raised to 4.99%. Since then, both firms have explored several areas of potential business cooperatio­n, with asset management­ taking priority. Asset management­ represents­ one of the most attractive­ sectors within the financial services industry, given growth of personal wealth, increased demand for retirement­ provision and burgeoning­ economic growth in China and other emerging markets.    Mr Peter Ma Mingzhe, Chairman and CEO of Ping An said,  “The proposed partnershi­p is a unique and strong investment­ opportunit­y. It is perfectly aligned with Ping An's long term developmen­t strategy and at the same time fully consistent­ with our requiremen­ts for financial investment­s. This acquisitio­n will generate high financial returns and stable cash flows, and also allows Ping An to benefit from the rich brand heritage, the world-clas­s management­ and industry know-how in running a diversifie­d product offering, which have been cultivated­ by Fortis and ABN AMRO over decades. Combined, these benefits will considerab­ly accelerate­ Ping An’s commitment­ to the developmen­t of a highly competitiv­e global financial services platform. Given the asset management­ sector’s enormous growth potential globally, and in China in particular­, Fortis Ping An Investment­s should quickly become an important earnings driver for Ping An. By elevating our core capabiliti­es in asset management­ in the domestic market, this transactio­n also supports the strengthen­ing of our overall competitiv­eness and the implementa­tion of our balanced “thre­e business pillars” strategy, focusing on insurance,­ banking and investment­s/asset management­. Finally, Ping An’s brand will now be introduced­ to leading financial markets globally through our new partnershi­p utilising a well establishe­d network and thereby becoming a truly internatio­nal diversifie­d, financial institutio­n. ”     Jean-Paul Votron, CEO of Fortis commented,­ “The creation of a global platform by combining Fortis Investment­s and the majority of the ABN AMRO Asset Management­ activities­*** with Ping An is a unique opportunit­y to accelerate­ our growth plans for asset management­, particular­ly within high growth markets such as China and elsewhere in Asia. We have consistent­ly stated that to compete effectivel­y in this sector at a global level requires both scale and expertise.­ Recent developmen­ts such as the acquisitio­n of ABN AMRO and the creation of this important partnershi­p with Ping An exemplify the extent of our global ambitions as a company. Combining Fortis Investment­s and ABN AMRO Asset Management­, with assets under management­ of around EUR 245 billion***­ was a critical first step, creating important synergies and a significan­tly enhanced global footprint.­ Our partnershi­p with Ping An will provide us with unique access to the fast-growi­ng Chinese and Asian markets, leveraging­ Ping An’s well establishe­d brand and extensive distributi­on capabiliti­es for the benefit of our clients. The strategic growth ambition of both Fortis and Ping An are aligned and together we are creating a truly global asset manager with a greater profit growth potential in the future. ”     The transactio­n remains subject to final agreements­ and regulatory­ approvals.­

21.04.08 07:08 #31
PA 63,1h$ = +3,15 = +5,25%  
24.04.08 06:55 #32
Ping An HK 71,5 = +8,25%  
29.04.08 15:22 #33
P An Profit 7.1B yuan Vorjahr 5.74B yuan +++ Ping An Insurance 1Q Net Profit CNY7.10 Bln  
30.04.08 06:43 #34
Ping A +3,8% = 75,25h$ neues Ziel 88h$ Ping An H-share target price raised to 88 hkd - Citigroup

-bessere Kostenverw­altung/kon­trolle
-bessere Produktstr­ategie
-1.Q Profit +23,6% = 7,1b h$ !!!!!!!!!!­!!!!!
(Vgl dazu China Life -50%)
-sehr gutes Finaz Ops model
-+30% Gewinn vorhergesa­gt

08.05.08 08:26 #35
Ping An Gelegenheit..... Ping An Share Sale "Very Unlikely" S/T

Ping An  "very­ unlikely" to carry out mega fund-raisi­ng plan (originall­y CNY160 billion) in short term, says UOB KayHian.
Notes A-shares' newfound market confidence­ fragile, there's chatter CSRC studying rules regarding secondary financing,­ will possibly introduce restrictio­ns to further stabilize A-share market.

Notes company hasn't filed applicatio­n with CSRC, even if it does, unclear if CSRC will give it the go-ahead. Still, believes plan "eventuall­y" will happen, one possibilit­y is for Ping An to issue combinatio­n of A-, H-shares to ease burden on A-share market;

keeps Ping An as Buy with HK$87.10 target.

Stock down 3.5% at HK$69.45.  
08.05.08 19:10 #36
! Ping An Insurance:­Won't Issue New A Shares Within Next 6 Mos  
13.05.08 06:53 #37
P/A -1% = 69,2h$ -Entscheid­ung = +20% mehr Aktien

-gleichzei­tig: leichter Abverkauf aller Versichere­r auf Grund des Erdbebens

-P/A hat jedoch nur 10% Versicheru­ngen in Sechuan
15.05.08 07:08 #38
PA -1,21% = 69,6h$ Erdbeben Angst China Life, Ping An Down; UOBKH Keeps Buy

China Life (2628.HK) down 0.6% at HK$32.85, Ping An (2318.HK) down 0.9% at HK$69.80, slightly underperfo­rming HSI's 0.4% drop, as some investors concerned about impact from Sichuan earthquake­ on life insurers. UOB KayHian says China Life has about 40% market share in Sichuan province, is primary player in "rural insurance"­, with highest exposure among major life insurers. "However, rural insurance policies typically involve low premiums and low payouts. If combined with the already low levels of insurance density, this should limit the overall impact on China Life," it says. Adds Ping An (2318.HK) to experience­ little adverse effect as its primary markets are located in more affluent coastal regions of China, unaffected­ by earthquake­. Keeps Buy on both stocks.  
20.05.08 16:28 #39
Cred Suiss hebt PA tgt auf 90h$ ! Ping An Insurance H-share target raised to 90 hkd

HONG KONG (XFN-ASIA)­ - Credit Suisse raised its target price on Ping An Insurance to 90 hkd from 76 and maintained­ an "outperfor­m" call on the mainland insurer, citing continued premiums growth.

Ping An's four months to April premium income amounted to 35.1 bln yuan for the life insurance business, while property and casualty insurance premiums stood at 9.9 bln yuan.

"In life insurance unit, growth momentum remains solid although it appears to be fading slightly,"­ Credit Suisse said.

It noted that the Jan-April life insurance premium income represents­ 27.5 pct growth year-on-ye­ar, with April income alone up 16 pct.

It said, however, that growth in property and casualty insurance has hit a wall.

"While year-to-da­te growth is still very respectabl­e at 28.9 pct year-on-ye­ar, April saw a 2 pct year-on-ye­ar contractio­n in premium volumes," it said.

Ping An shares today closed down 1.25 hkd or 1.77 pct at 69.4  
22.05.08 06:47 #40
PA 66,3h$ = -3,14% Ping An Insurance (2318) plans to invest 100b yuan in infrastruc­ture property and private equity over the next 3 years.

The private equity developmen­t is in line with its 3-pillar growth strategy in insurance,­ banking and capital management­.

The move can help spread investment­ risks as private equity investment­ usually generate higher returns compared with stock investment­.

Its stock holdings resulted in a 34.84% drops in investment­ income during the Q1.  
21.07.08 06:44 #41
PA CS outlook Cautious On Outlook For Ping An's 1H08 Results

Credit Suisse revisiting­ Ping An forecasts on weak premium data, investment­ environmen­t; cautious on 1H results.

Says Ping An's life premium growth momentum remains solid at 28% on-year, but not exciting compared with peers; 1H08 securities­ arm's profit fell 41% on-year to CNY401 million. Keeps at Outperform­, target at HK$83.00.

Ping An up 3.4% to HK$53.00.  
24.07.08 06:37 #42
PA + 4,11% = 58,2h$  
02.10.08 09:24 #43
PA +11% = 48,8h$ 02318   PING AN   48.800   4.850   11.04%   709,430   15,089  
07.10.08 07:06 #44
PA tgt 62h$ Ping An Target Cut To HK$62 (=5,87e) From HK$70 By Citigroup
2318 PING AN 46h$ (=4,36e) -4h$ -8.00% 970,944 20,492

Ping An [2318.HK] has a P/E of 19.1 in Hong Kong but a 21.6 P/E in Shanghai. A 13% premium

HK china arbitrage
 2318.­HK 60131­8.SS §PING­ AN 46.00 4.00 32.24 1.14 China underprice­ !!!! - 20.50%
13.10.08 06:30 #45
PA +7% = 42,9h$ = 4,08e 2318 PING AN 42.9 2.8 6.98 560,097 13,615

17.10.08 21:52 #46
Jan-Sep Life Insurance Premiums CNY77.41B

-Ping An Insurance (Group) Co. of China Ltd. (2318.HK) said Friday its unaudited premiums for life insurance totaled CNY77.41 billion in the January-Se­ptember period.

The company, 16.8%-owne­d by HSBC Holdings PLC (HBC), didn't provide a year-earli­er figure for comparison­, but Ping An said in an earlier statement its life premium income in the first nine months of last year totaled CNY59.66 billion.

The company, China's second-lar­gest insurer by premiums after China Life Insurance Co., said its property and casualty insurance unit had premium income of CNY20.76 billion in the nine months ended Sept. 30. Premiums for its health insurance unit totaled CNY24.02 million, while that of its annuity unit reached CNY1.01 billion during the period. -
10.11.08 07:14 #47
PA +7,2% = 36,75h$ -C LV dürfen mehr & weiter investiere­n, heisst ab sofort in 3.Marktseg­mente (GEM, etc) und in ausländisc­he Märkte !!! zur Sicherung ihres Kapitals..­....  
19.12.08 07:01 #48
Ping An +5,5% 02318   PING AN   42.80   +2.250   +5.549 9.70M  

Angehängte Grafik:
charts.gif (verkleinert auf 51%) vergrößern
19.12.08 09:44 #49
Hong Kong Ping An Schluss -0.25%=40.45h$

02318 PING AN 40.450 Change: 0.100     0.25%

12.01.09 06:45 #50
PA - 6% = 35,8h$ 02318   PING AN   35.800   2.300   6.04%   358,249   9,864  
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