Ping An Insurance Group Co of China Ltd
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Intrinsic Value
The intrinsic value of one Ping An Insurance Group Co of China Ltd stock under the Base Case scenario is 108.6 CNY. Compared to the current market price of 57.37 CNY, Ping An Insurance Group Co of China Ltd is Undervalued by 47%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
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Ping An Insurance Group Co of China Ltd
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Fundamental Analysis
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Ping An Insurance Group Co of China Ltd., a leading player in the global insurance and financial services industry, has adeptly positioned itself at the intersection of finance and technology. Founded in 1988, the company has grown to become one of the largest insurers in the world, driven by its innovative approach to integrating cutting-edge technology with traditional insurance models. With a diverse range of services including life insurance, property and casualty insurance, and banking services, Ping An caters to a broad customer base, securing its foothold in both urban and rural markets across China. As the company embraces digital transformation, its investment in artificial intellig...
Ping An Insurance Group Co of China Ltd., a leading player in the global insurance and financial services industry, has adeptly positioned itself at the intersection of finance and technology. Founded in 1988, the company has grown to become one of the largest insurers in the world, driven by its innovative approach to integrating cutting-edge technology with traditional insurance models. With a diverse range of services including life insurance, property and casualty insurance, and banking services, Ping An caters to a broad customer base, securing its foothold in both urban and rural markets across China. As the company embraces digital transformation, its investment in artificial intelligence, big data analytics, and health technology not only enhances its operational efficiencies but also broadens its service offerings, thus creating significant value for its clients.
For investors, Ping An represents a compelling opportunity in the booming Chinese insurance market, which continues to benefit from rising disposable incomes and an increasing emphasis on health and life coverage among its vast population. The company’s strategic pivot towards technology and data-driven solutions has attracted substantial attention, positioning it as a forward-thinking leader in the industry, often referred to as the “Amazon of Financial Services” in China. Moreover, with its strong financial performance, marked by consistent revenue growth and a rising international profile, Ping An is well-equipped to navigate potential market fluctuations and capitalize on emerging opportunities in both domestic and global financial landscapes. This blend of stability and innovation makes Ping An a notable contender for investors seeking to tap into the growth potential of the Asian insurance sector.
Ping An Insurance Group Co. of China Ltd. is one of the largest financial services conglomerates in the world, known for its diversified business model. Its core business segments can be categorized as follows:
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Insurance:
- Life Insurance: This segment includes individual life insurance policies, group life insurance, and various health insurance products.
- Property and Casualty Insurance: This provides coverage for businesses and individuals against various risks, including accidents, property damage, and liability.
- Health Insurance: This focuses on products that cover medical expenses and provide health management services.
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Banking:
- Ping An Bank offers a range of banking products and services, including personal banking, corporate banking, and asset management. The bank aims to leverage technology to enhance service delivery and customer experience.
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Investment:
- This segment involves managing assets and investments across various sectors, including funds, stocks, bonds, and real estate. Ping An also engages in private equity investments and venture capital.
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Technology:
- Ping An has significant investments in financial technology (fintech) and health technology. This includes innovations in artificial intelligence, big data, and blockchain to improve financial services and enhance the customer experience in both insurance and banking.
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Healthcare:
- The healthcare segment focuses on providing health management services, including medical insurance, wellness services, and telemedicine. It encompasses both preventive care and treatment options.
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Asset Management:
- Through subsidiaries, Ping An also manages investments on behalf of clients, including private and institutional funds, providing various investment products and strategies.
These segments are interconnected, allowing Ping An to create synergies and provide comprehensive financial services to its customers. The company aims to leverage technology and innovation within these segments to improve efficiency, enhance customer service, and drive growth.
Ping An Insurance Group Co of China Ltd has established several unique competitive advantages over its rivals in the insurance and financial services industry. Here are the key advantages:
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Diversified Business Model: Ping An operates across various segments, including life insurance, property and casualty insurance, banking, and asset management. This diversification enables the company to mitigate risks and capitalize on multiple revenue streams, balancing financial performance across different market conditions.
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Technological Innovation: Ping An has heavily invested in technology and digital transformation. Their use of AI, big data, and blockchain enhances operational efficiency, customer experience, and risk management. The company’s digital platforms offer seamless customer engagement and streamlined processes, which can differentiate it from traditional competitors.
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Strong Brand Recognition: Ping An has built a formidable brand reputation in China and increasingly in international markets. The company is consistently recognized as one of the most valuable insurance brands globally, which fosters trust among consumers.
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Integrated Financial Services: Ping An's "finance + technology" strategy integrates various financial services, facilitating comprehensive solutions for customers. This approach enables them to cross-sell products across insurance, banking, and investment services effectively.
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Extensive Distribution Network: With a large, innovative, and well-trained sales force, alongside a strong online distribution platform, Ping An has a robust multi-channel distribution strategy. This extensive network allows them to reach a wide range of customers effectively.
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Regulatory Adaptability: Ping An has shown the ability to adapt to changing regulatory environments in China, which can be a challenge for many companies. Their proactive approach to compliance and risk management helps in maintaining operational integrity and reputational standing.
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Focus on Customer-Centric Services: By leveraging technology to analyze customer data, Ping An can tailor products and services to meet specific customer needs. This focus enhances customer satisfaction and loyalty.
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Research and Development (R&D): The company's significant investment in R&D fosters innovation in product development and service offerings. Their ability to innovate continuously keeps them ahead of industry trends and consumer expectations.
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International Presence: While primarily focused on China, Ping An has begun to expand its international footprint, adding a layer of diversification to its operations and reducing dependence on the domestic market.
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Sustainability Practices: Ping An has embraced sustainability as a core principle, enhancing its appeal to socially conscious investors and customers. Its commitment to environmental, social, and governance (ESG) standards positions it favorably in an increasingly competitive marketplace.
These competitive advantages collectively enhance Ping An's position in the market, allowing it to sustain long-term growth and profitability over its rivals.
Ping An Insurance Group Co. of China Ltd., being one of the largest insurance and financial services conglomerates, faces several risks and challenges in the near future, including:
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Economic Slowdown: China's economy has shown signs of slowing growth due to various factors, including trade tensions and the pandemic's impact. This may influence the demand for insurance products and investment returns.
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Regulatory Changes: The insurance and financial services sector in China is subject to stringent regulatory oversight. Any changes in government policies or regulations may affect Ping An's operations, profitability, and business model.
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Market Competition: The insurance sector in China is highly competitive, with numerous domestic and international players. Increased competition may lead to pricing pressures and reduced profit margins.
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Technological Disruption: While Ping An is an early adopter of technology, the rapid pace of technological change means the firm must continuously innovate to stay ahead. Failure to adopt new technologies effectively could allow competitors to gain an edge.
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Cybersecurity Risks: As Ping An increasingly relies on digital platforms for its services, the threat of cybersecurity breaches becomes more significant, potentially leading to financial losses and reputational damage.
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Investment Risk: A large portion of Ping An's profits comes from its investment activities. In a volatile market, particularly with potential interest rate hikes or declines in property prices, there is a risk to the performance of its investment portfolio.
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Demographic Changes: China's aging population may lead to increased claims on life and health insurance products, influencing profitability. Additionally, changing consumer behaviors and preferences, especially among younger generations, may require adjustments in product offerings.
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Global Economic Factors: As a global player, Ping An is also affected by fluctuations in global markets, geopolitical tensions, and economic conditions in other countries. Issues like inflation, currency fluctuations, and international trade policies could impact financial performance.
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Environmental Risks: As awareness of climate change rises, the insurance sector faces challenges related to underwriting risk and potential liabilities associated with environmental disasters. This necessitates adjustments in risk assessment models.
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Reputation and Trust Issues: Insurance companies rely heavily on customer trust. Any missteps in transparency, customer service, or claims handling could lead to reputational damage, affecting customer retention and acquisition.
To navigate these challenges, Ping An will need to leverage its technology capabilities, actively manage risk exposure, and adapt to changing market conditions while maintaining a strong focus on customer needs and regulatory compliance.
Balance Sheet Decomposition
Ping An Insurance Group Co of China Ltd
Cash & Short-Term Investments | 592.6B |
PP&E | 56B |
Long-Term Investments | 10.3T |
Other Assets | 1.2T |
Insurance Policy Liabilities | 4.9T |
Short Term Debt | 4.3T |
Long Term Debt | 1.1T |
Other Liabilities | 1.1T |
Ping An experienced robust growth in H1 2023, driven by an effective reform strategy resulting in a 45% rise in new business value (NBV), integrated finance growth, and deepened strategy. Operating profit hit RMB 82 billion, with 18.2% operating ROE. Despite a slight decrease in the parent company's operating profit by 3%, the foundational Closing Service Margin (CSM) stands strong at RMB 817.5 billion. The financial strength is solid with a solvency ratio double the regulatory requirement, and an investment strategy that yielded 4.1%. Real estate investments offer stable returns, accounting for 4.5% of the portfolio, and debt schemes with over 96.2% AAA credit ratings. Shareholders saw a dividend hike of 1.1%, marking 11 years of consecutive increase.
What is Earnings Call?
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Price Targets
Price Targets Summary
Ping An Insurance Group Co of China Ltd
According to Wall Street analysts, the average 1-year price target for Ping An Insurance Group Co of China Ltd is 62.11 CNY with a low forecast of 48.48 CNY and a high forecast of 75.5 CNY.
Dividends
Current shareholder yield for Ping An Insurance Group Co of China Ltd is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Profile
Country
Industry
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Dividend Yield
Description
Ping An Insurance Group Co of China Ltd is a CN-based company operating in Insurance industry. The company is headquartered in Shenzhen, Guangdong and currently employs 355,982 full-time employees. The company went IPO on 2004-06-24. Ping An Insurance (Group) Company of China, Ltd. is a personal financial services provider. The firm provides insurance, banking, investment, and Internet finance products and services. The firm operates its businesses through four segments. The Insurance segment provides life insurance and property insurance, including term, whole-life, endowment, annuity, automobile and health insurance. The Banking segment is engaged in loan and intermediary businesses with corporate customers and retail business. The Assets management segment is engaged in security, trust and other assets management businesses, including investment, brokerage, trading and asset management services. The Internet Financing segment is engaged in the provision of Internet finance products and services.
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The intrinsic value of one Ping An Insurance Group Co of China Ltd stock under the Base Case scenario is 108.6 CNY.
Compared to the current market price of 57.37 CNY, Ping An Insurance Group Co of China Ltd is Undervalued by 47%.