dcsimg
2018年1月18日 星期四 02:08
會員登入 密碼    忘記密碼    會員尊享  
 進階搜尋
   分類資訊:
   投資者關係
   公告
   投資基本功
   華富通訊
   資訊中心
Click here to toggle text size
Five Things To Propel the Stock in 2018 for Ping An
17年12月15日
QuamNews

Hong Kong stocks receded. The U.S. Federal Reserve hiked interest rate by 25 bps as expected. Dow Jones Industrial Average set new high at close for the fourth day, shoring Hang Seng Index up 113 pts at open. At close, Hang Seng Index dipped 55 pts or 0.2% to 29,166. Hang Seng China Enterprises Index rose 11 pts or 0.1% to 11,531. Market turnover reached $106.462 billion.
 
For the outlook on Chinese insurers, there are five things that will propel Ping An (2318.hk) stock higher in 2018. Ping An is an innovation and technology leadership plus more clarity on non-insurance divestments should strengthen the investment case. It is large in scale with attractive valuation and believed that it was well-tested of premium. The accumulated gross premium income of the life insurance business for the first eleven months of this year increased 34.23% yearly to RMB361.6 billion.
 
Secondly, Ping An’s NBV of China will maintain strong growth for several years, benefited from penetration uptrend and product portfolio in 2018. Strong new business value (NBV) growth on the back of product margin enhancement and lower liability reserve and reinvestment risk should drive further EV multiple expansion.
 
Multiple catalysts to drive future growth
 
Ping An’s third charm is its benefit from a more diverse product mix on increases in protection/critical illness sales. In the context of more stable macro conditions (China's 10-year yield at 3.95% vs. 2.76% in Oct-16), there are large improvements in actuarial disclosures (residual margin in the liability reserve) and gradual earnings de-coupling from market cycles, can specifically boost revenue.
 
In particular, the new product regulations, effective Oct 1, were designed to ensure insurers focus on providing protection coverage, by prohibiting large cash benefits in the first five policy years.
 
Fourth, Goldman Sachs in the latest report, foresaw the industry to have further revaluation room next year, adding valuation of H-share Chinese insurers looked compelling. The research house believed that strong profit growth next year to provide support.
 
Solid premium growth momentum should continue in 2018, supported by agent headcount growth and further regulatory tightening over bank wealth management products (WMPs). Revenue/profit generation of its FinTech platforms should improve further, after achieving profitability in FY17. Ping An Bank’s shift towards retail banking could also reduce the potential asset quality drag on Group earnings/balance sheet.
 
Analysts at J.P. Morgan in the latest report, the house raised the price target on top pick Ping An, backed by strong agency distribution, sector-leading growth and through-cycle earnings potential. The house raised the target price for Ping An H/A to HK$130/Rmb111 (from HK$100/Rmb86) which is the hottest pick in the market, reflecting Ping An’s additional estimated value stemming from product and technology innovations on improved scale and fortress capital bases.
 
And lastly, given multiple drivers and competitive advantages, Ping An remains attractive despite strong share price performance in 2017. Ping An H/A now trades at 1.2X/1.3X 12-month forward P/EV, a 7%/17% discount to long-term averages of 1.3X/1.6X. Ping An A/H-share still trade at a discount to mid-cycle multiples, and there is a room for further valuation catch-up .

本文版權歸Quamnet華富財經所有,除以下授權的分享方式外,使用其他方式轉載部份或全部內容,Quamnet華富財經將保留追究權利。
分享到:TwitThis   Facebook   LinkedIn       寄給朋友
最新新聞:
1月夜期收市報32109點  升154點 01:05
未授權使用者 00:00
美國上周抵押貸款申請指數升4.1% 連升兩周 18年1月17日
美國上月工業生產按月上升0.9% 18年1月17日
浙江聯合投資(08366)1.5億元購建築工程業務 18年1月17日
神州數字(08255)控股權易手至孫江濤 明早復牌 18年1月17日
御佳控股(03789)行政總裁王麒銘辭任 由周麗卿接任 18年1月17日
M24Seven與ZeroBounce合作以驗證電子郵件名單和提高送達率 18年1月17日
先達國際物流(06123)公眾持股量恢復至約25% 明復牌 18年1月17日
匯思太平洋(08147)行政總裁鄧偉廷辭任 由陸志明接任 18年1月17日
市場最新消息
監視表
華富股評系列
航基股份(357):下半年經營表現令人滿意 18年1月17日
市場動態:北美自由貿易協定、加元、墨西哥披索、美國貿易保護主義 18年1月17日
華富首評:比特幣狂熱的原因是過度的貨幣供應 18年1月17日
匯控(5):被指控操縱加拿大利率 18年1月16日
市場動態:金融市場充斥陷阱和偽裝 18年1月16日
華富財經:

常見問題  |  網頁指南  |  關於我們  |  聯絡我們  |  刊登廣告  |  免責聲明  |  私隱政策     
中國泛海國際金融有限公司:
創會成員:
MyQuamnet華富財經免費會員服務可享:
【免費即時股票報價】【股票圖表分析】【圖表】【港股圖表】【行業比較】【港股資料】【認股證】【窩輪】【牛熊證】【預托證券】【即時財經新聞】
【財經新聞】【股市新聞】【港股新聞】【美股新聞】【港交所新聞】【新股】【港股分析】【股票監視表】【投資組合】【財經講座】【投資講座】【外匯】【匯率】

Quamnet華富財經資訊範圍:
【港股】【股票報價】【買入價】【賣出價】【現價】【開市價】【昨日收市價】【每手股數】【市值】【市盈率】【市賬率】【市帳率】【即時報價】【過往股價】
【最高價】【最低價】【52週高位】【52週低位】【買方動力】【賣方動力】【股價升跌幅】【成交量】【成交額】【認股證報價】【窩輪報價】
【牛熊證報價】【財經】【股市】【金融新聞】【大手成交】【圖表分析】【技術分析】【上市公司資料】【港股股評】【港股報價】【招股】
【新股上市消息】【異動股】【恆生指數】【創業板】【國企指數】【紅籌指數】【深圳AB股指數】【上海AB股指數】【恆生中國企業指數】
【香港AH股溢價指數】【外匯】【環球商品期貨】【公告】【股評】【財經專欄】【大行報告】【深圳股市】【上海股市】【香港伊斯蘭指數】
【股市策略】【監察器】【工商業】【金融】【投資】【電訊】【媒體】【科技】【醫療保健】【運輸】【能源】【地產】【公用】【資產管理】
【證券買賣】【個人財經建議方案】【美股】【商品交易所買賣基金】【ETFs】【期權】【日圓】【美元】【歐元】【英鎊】【澳元】【紐元】【加元】【期貨商品】

訂閱服務:
【華富股評系列】【華富股評】【問與答】【名家縱論】【華富財智】【華富股評系列升級版互動投資顧問】【異動訊號】【窩輪監察器】【投資工具】【股票監察器】【股票報價器】【智能資料庫】【期指數據服務】【穩定增長組合】【進取增長組合】【基金分析】【財富管理】【市場分析】【投資基準】【紅籌股】【國企股】【債券】【中、短線股票投資建議】【中短線投資者】【決戰正回報組合】【研究部雪球組合】【股市透視】【板塊淘金】【即市消息股】【最新買賣訊號】【大戶動向】【新股半新股追擊】【龐知灼見】【龐寶林】【環球大市分析】【每週市場分析】【模擬股票組合】【模擬基金組合】【策略更新】【股指兵法】【股海無量】【江小魚】【股俠縱橫】【方新俠】【智通財技】【梅偉琛】【細股狙擊】【渾水】【價值航行】【李海欣】【股皇上聖旨】【許浩彰】【股壇風雷雨】【劉奇峰】【風吹祖動】【捕風】【阿祖】【金股期匯攻略】【陸期峰】‧【蔡榮輝】【逆思維策略】【賴俊強】【文錦匯】【文錦輝】