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Ping An Insurance (Group) Company of China, Ltd. (2318.HK)

HKSE - HKSE Delayed price. Currency in HKD
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83.700+1.950 (+2.39%)
At close: 4:09PM HKT
Full screen
Previous close81.750
Open82.250
Bid83.650 x 0
Ask83.700 x 0
Day's range81.750 - 84.600
52-week range69.000 - 101.000
Volume52,393,339
Avg. volume31,089,914
Market cap1.652T
Beta (5Y monthly)1.12
PE ratio (TTM)8.91
EPS (TTM)9.398
Earnings dateN/A
Forward dividend & yield2.34 (2.79%)
Ex-dividend date16 Sep 2020
1y target est99.27
  • Autohome Plans $1 Billion Hong Kong Second Listing
    Bloomberg

    Autohome Plans $1 Billion Hong Kong Second Listing

    (Bloomberg) -- Autohome Inc., a Chinese online car-sales website, is planning a second listing in Hong Kong that could raise about $1 billion, people familiar with the matter said.New York-listed Autohome, which counts Ping An Insurance Group Co. as its largest shareholder, is working with advisers on the Hong Kong share sale, the people said. An offering could happen as soon as early next year, one of the people said, asking not to be identified as the information is private.Deliberations are at an early stage and details including size and timeline could still change, the people said. A representative for Autohome didn’t immediately respond to requests for comment.U.S.-listed Chinese firms are eyeing share sales in the city to hedge against further deterioration in Sino-U.S. relations and to expand their investor bases. The companies seek to follow in the footsteps of Yum China Holdings Inc., JD.com Inc. and NetEase Inc., whose Hong Kong second listings have raised a combined total of almost $10 billion.Three other New York-listed companies including express delivery giant ZTO Express Cayman Inc. are planning to kick off second listings in Hong Kong as soon as this week, providing a boon to the stock exchange which is seeing a flurry of activity from both initial public offerings and such listings.Autohome’s shares have risen 15.1% this year, giving it a market capitalization of about $11 billion. The Beijing-based company allows car dealers and automakers to market their products through its website and also provides an online marketplace for used car sales, according to its website. It raised about $153 million in its U.S. IPO.Ping An Insurance bought a 47.7% stake in Autohome from Telstra Corp. for $1.6 billion in 2016. A year later, the second-largest Chinese insurer acquired another 6.5% from the Australian telecom operator, boosting its holdings to 54.2%.(Updates share price in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Ex-Lazard Banker Thinks Boring Is Beautiful

    (Bloomberg Opinion) -- The unloved insurance sector is proving a rich territory for acquirers. Apollo Global Management Inc., Blackstone Group Inc., Carlyle Group, KKR & Co. — the big guns of private equity have been conspicuously active in this industry lately.Now an investor consortium backed by former Lazard Ltd. banker Mark Pensaert has emerged as suitor to Belgian insurer Ageas SA, capitalized at 7 billion euros ($8.3 billion). A sector facing disruption clearly also offers opportunities.Life insurers face challenges all round. Complicated long-term savings products have lost their luster, especially as guaranteed savings rates have plummeted. Low-fee asset managers are competing hard for savings. Traditional methods of selling, typically relying on local reps, are expensive and carry the risk of mis-selling. Regulatory capital requirements have become tougher.Many of the big listed insurers have been shifting emphasis toward general insurance such as car, home and business cover. Piecemeal disposals have offered private equity the chance to roll up disparate assets and reap economies of scale. Big portfolios of existing policies may not offer growth, but they generate cash and release capital over time. Then there’s the opportunity to grab a role managing the insurer’s assets — as in the Blackstone-backed takeover of Fidelity & Guaranty Life in 2017.Could Ageas be next? It recently had an approach from Pensaert-backed BE Group, Bloomberg News revealed on Friday. The company said the indicative offer was “highly conditional” and “not realistic.”The market appears doubtful BE can return with a successful bid. A takeover would be complicated by the fact that Ageas has sizable domestic market shares in life and general insurance, and multiple joint ventures in Asia with change-of-control clauses, analysts at UBS Group AG say. Some 10% of the company is held by Ping An Insurance (Group) Co. and Fosun International Ltd.But Ageas still looks vulnerable. Its market value is not so big as to preclude a consortium bid. The stock’s 40% discount to book value reflects pandemic risks. Nevertheless, the shares trade at roughly 13% below analysts’ consensus price targets.In the insurance industry, stock-market investors have backed strategies that focus on paying out reliable dividends rather than aggressively chasing growth in an increasingly difficult competitive and regulatory environment. Think of Elliott Management Corp.’s recent activist attack on NN Group NV of the Netherlands, demanding hard commitments on the annual payout and cash returns, and a more aggressive approach to investment asset allocation.The market has also favored simplicity and a focus on core markets where insurers can demonstrate genuine competitive advantage. Aviva Plc was applauded by investors for saying it would concentrate on the U.K., Ireland and Canada, while its European and Asian businesses would be “managed for long-term shareholder value.”Ageas needs to marshal defenses and could draw inspiration from Elliott and Aviva. It’s a sprawling global empire with a particularly big Asian presence. With a new chief executive officer starting in October, it has the chance to rethink its direction. The next approach might not be so easy to swat away.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • SoftBank Moves Into Asset Management After Return to Profits
    Bloomberg

    SoftBank Moves Into Asset Management After Return to Profits

    (Bloomberg) -- Masayoshi Son is launching a new asset management venture to buy stocks in publicly traded companies, expanding SoftBank Group Corp.’s investment efforts as it rebounded from record losses to profitability.The Tokyo-based company reported net income of 1.26 trillion yen ($11.8 billion) for the three months ended June 30, following a loss of 1.44 trillion yen three months earlier. The profit was boosted by more than 1 trillion yen in one-time gains from the sale of Sprint Corp. and shares in T-Mobile US Inc.Son has shifted his attention to investments in recent years after building his fortune in the telecom sector. The asset management initiative expands on previous efforts like the $100 billion Vision Fund, which he set up three years ago to take stakes in private startups. The new arm has already purchased shares in Apple Inc., Amazon.com Inc. and Facebook Inc.“As an investment company, we need to explore various angles and scope. But our focus is still on companies driving the information revolution,” said Son. “This is the purpose of our company.”SoftBank will own 67% of the asset management firm, while Son personally will own the rest. The unit has about $555 million in capital, he said.It’s not clear why Son thinks SoftBank will have an edge in picking stocks, moving into a field crowded with heavyweights like Fidelity Investments and BlackRock Inc. The effort may increase the volatility of SoftBank earnings, which has grown with initiatives like the Vision Fund.“Investors will need to build greater risk into their expectations -- and Masa investing alongside is not a good look,” said Kirk Boodry, an analyst at Redex Research who writes for Smartkarma. “Launching a new investment vehicle targeted at public tech when Nasdaq is near all-time highs with bubble concerns seems like a good way to keep the share price discount to public value from closing.”The Japanese billionaire has pulled off a remarkably speedy comeback after the worst loss in his company’s 39-year history. A global rally in technology shares lifted the value of SoftBank’s stakes in publicly traded firms like Uber Technologies Inc. and improved the prospects for startups in its portfolio, from China’s Didi Chuxing to South Korea’s Coupang.Far from striking a winning pose on Tuesday however, Son emphasized the importance of defense. He opened his presentation with slides depicting a 16th century battle between two Japanese lords. Oda Nobunaga, who would go on to unify Japan, won the engagement by sheltering his riflemen inside a wooden structure to protect them from samurai on horseback.“You can’t skimp on defense,” Son said. “We need to strengthen our defense. Defense is cash.”SoftBank also stopped reporting operating profit, long a key metric tracked by investors. It said the figure is “no longer meaningful” as the company becomes a “strategic investment holding company.”SoftBank is in the process of offloading 4.5 trillion yen in assets to fund share repurchases and to pay down debt. The company already raised 4.3 trillion yen through sales that include stakes in T-Mobile, Alibaba Group Holding Ltd. and its domestic telecom unit, completing about 95% of the program.The Vision Fund returned to profitability, following a 1.13 trillion yen loss in the previous quarter. SoftBank booked a 296.6 billion yen gain on Vision Fund investments in the quarter, including 111.4 billion yen in realized gains after selling a portion of its shares in four listed portfolio companies. About $1.4 billion of the unrealized gains came from holdings in public companies, with Uber responsible for about $700 million and Ping An Good Doctor, Vir Biotechnology Inc. and Guardant Health Inc. contributing about $200 million each.“It’s still too early to say that it will be all profits at the Vision Fund going forward,” Son said in a live-streamed briefing. “But things are turning around in a big way.”Several SoftBank-backed companies have also pulled off successful initial public offerings, raising the prospects for more in the future. Online home-insurance provider Lemonade Inc. more than doubled in the days after its initial public offering last month, while oncology drug developer Relay Therapeutics Inc. has surged about the same amount since its trading debut.Beike Zhaofang, a Chinese online property brokerage backed by SoftBank, said last week it is seeking to raise about $2 billion in a U.S. IPO. DoorDash Inc., a U.S. food delivery company backed by SoftBank, has filed paperwork for a public stock listing. Online insurance platform Policybazaar and e-commerce giant Coupang are preparing for offerings in 2021.Son confirmed that SoftBank is looking to sell or take public Arm Ltd., the chip design firm that he bought four years ago for $32 billion. He said he may accelerate plans for an Arm IPO from the original 2023 schedule or he may sell part or all of the firm. Bloomberg News reported earlier this month that Nvidia Corp. is in advanced talked to acquire Arm.Son put plans for a second Vision Fund on hold after missteps, including the meltdown at WeWork. Now, the fund’s upbeat results and a renewed investor appetite for risk could revive the idea, according to Atul Goyal, senior analyst at Jefferies Group.”Our strategy hasn’t changed,” Son said at the briefing. “We still plan on unicorn hunting with Vision Fund 2, 3 and so on.”(Updates with details from the briefing from ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.