Is the stock price undervalued? How is the restructuring of Founder Group?Apart fromChina Fortune Land DevelopmentHow much risk exposure does the real estate business still have?
March 18,Ping AnHeld 2021 Annual Onlineperformancepress conference,Ping AncrowdexecutiveResponded to the above hot issues one by one.
18thPing AnIt rose 5.34%, and the cumulative increase in the past three trading days reached 12.38%.
“I believe the market will recognize the value of Ping An”
Recently, A sharesinsuranceSector sentiment was sluggish, and sector valuations fell to historical lows. For the current stock price performance of the company,Ping AnYao Bo, co-CEO and CFO, said: “With the current share price at historically low levels, we believe the market will eventually recognize the value of Ping An.”
Yao Bo said that the decline in the company’s share price in the past year was related to external factors on the one hand.Ping AnThe stock price performance is not an exception. Since the beginning of this year, with the fluctuation of the external environment, the whole market has strong risk aversion. But at the same time, it should be noted that the fundamentals of the current domestic economy are stable, and the implementation of a series of measures to stabilize growth has laid a firm foundation for the annual economic growth target. Therefore, the company is full of confidence in the performance of blue-chip stocks in the capital market in the future.
on the other hand,Ping AnThe share price performance of the company is also affected by the cyclical transformation of the life insurance industry. At present, the entire life insurance industry is facing many challenges, the overall development model of the industry has appeared a bottleneck, and the needs of customers have also changed. In this regard, the effect of Ping An’s internal life insurance reform has yet to be continuously shown, and we hope the market will give the company patience and time.
Yao Bo said that the management is full of confidence in the overall development prospects of Ping An:
First, full confidence in the comprehensive financial model.Although the growth rate of operating profit of the life insurance business slowed down last year, the companyBankThe business profit growth rate of business lines such as , asset management, and technology is relatively strong, reflecting the model advantages of comprehensive finance. The so-called “East is not bright and the West is bright”, this model can better resolve the risks of a single industry cycle.
Second, the company has clarified the strategic direction of integrated finance + healthcare ecology. Integrated finance itself has huge development potential, and healthcare is also an industry with huge development potential in China in the future.
Third, the effect of life insurance reform will gradually appear. This year, the company’s life insurance reform has entered its third year, and the company continues to promote the in-depth reform of channel products and culture. The life insurance market has great prospects and is still full of development potential in the future.
Founder Group successfully restructured
To be a Chinese version of HMO
At the beginning of this year, Ping An of China listed on the Hong Kong Stock ExchangeannouncementThe China Banking and Insurance Regulatory Commission agreed to Ping An Life’s investment in New Founder Group.
Regarding the latest progress in the restructuring of Founder Group, which is concerned by the market, Xie Yonglin, general manager and co-CEO of Ping An of China, responded at the briefing that the project of Founder Group is currently being promoted smoothly. On January 30, 2022, Ping An Life received an approval from the China Banking and Insurance Regulatory Commission, agreeing that Ping An Life would invest in the New Founder Group, and Ping An Life would ultimately hold 66.5% of the shares. At present, the entire reorganization plan is progressing according to the established goals, and the company will perform its information disclosure obligations in a timely manner according to the progress of the reorganization. There are several listed companies under the Founder Group, which will be disclosed in accordance with relevant procedures.
Previously, Xie Yonglin had publicly stated that the original intention of Ping An Group to participate in the reorganization of Founder Group was to create a warmer financial system unique to Ping An Group through the coordination of medical resources.insuranceThe resources of Peking University Medical Group, which is owned by Founder, are very scarce in the market.
Regarding the construction of Ping An’s medical ecosystem, Chen Xinying, co-CEO of Ping An, said that Ping An is committed to being a Chinese version of the HMO (Health Maintenance Organization), and there are two key factors to do it well. First, it needs to represent the payer; second, it needs to integrate the supplier.
How to represent the payer?Chen Xinying said that Ping An of China covers 227 million individual customers as a whole, and has 140 billion yuan in health careinsurancePremium, can represent the payer to provide one-stop health care and elderly care services.
How to integrate supply side?She said that integrationOnline and offlinemedical.One is through onlinePing An Good DoctorMore than 2,000 doctors of its own. The second is to acquire Peking University Healthcare and its 10 hospitals. The third is the “three arrivals” service, that is, to the line, to the store, and to the home.
Real estate investment risk controllable
According to the annual report of Ping An of China, in 2021, the company willChina Fortune Land DevelopmentThe total amount of impairment provision, valuation adjustment and equity method profit and loss adjustment for related investment assets is 43.2 billion yuan, including 15.9 billion yuan for equity and 27.3 billion for debt;net profitThe impact amount is 24.3 billion yuan, and the impact on the following-tax operating profit attributable to the parent is 7.3 billion yuan.
Apart fromChina Fortune Land DevelopmentInvestors are most concerned regarding whether Ping An’s current risk exposure in the real estate sector is controllable.
In this regard, Deng Bin, chief investment executive officer of Ping An (proposed), said that among Ping An’s real estate investments, real estate projects for the purpose of long-term rent collection accounted for more than half, and the risk of real estate exposure was controllable and the prospects were promising. According to the annual report data, Ping An’s core real estate exposure is 5.5%, which is in a reasonable range.
Regarding the future strategy of real estate investment, Deng Bin said that in the future, Ping An will adhere to the 16-character investment philosophy of “sticking to the bottom line, seizing opportunities, crossing cycles, and leading the value”. Under the guidance of strategic asset allocation, make real estate investment in line with national policy orientation. It includes high-quality real estate projects with related concepts such as carbon neutrality, digital economy, medical health, etc., as well as high-quality commercial real estate, affordable low-rent housing, and affordable rental housing, such as real estate sectors that are closely related to national economic development.
(Article source: Chinasecuritiesnewspaper)