CHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED

Financials China Taiping Insurance Holdings Company Limited

Equities

966 HK0000055878

Life & Health Insurance

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
7.23 ^HKD	+2.70%		+13.15%	+7.59%

Mar. 25	China Taiping Insurance Logs 44% Rise in 2023 Profit	MT
Mar. 25	China Taiping Insurance Holdings Company Limited Proposes Final Ordinary Cash Dividend for the Year Ended 31 December 2023, Payable on 23 July 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	77,271	69,436	50,244	38,456	34,934	25,985	25,985	-
Enterprise Value (EV) ¹	77,271	88,458	72,751	50,681	19,731	10,221	-33,670	-31,461
P/E ratio	11.7 x	7.86 x	7.67 x	5.12 x	12.5 x	4.49 x	3.38 x	3.14 x
Yield	0.47%	1.55%	2.86%	4.3%	2.67%	4.46%	5.72%	6.77%
Capitalization / Revenue	0.36 x	0.28 x	0.19 x	0.12 x	0.12 x	0.08 x	0.08 x	0.08 x
EV / Revenue	0.36 x	0.36 x	0.27 x	0.16 x	0.07 x	-0.11 x	-0.11 x	-0.09 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.27 x	0.91 x	0.55 x	0.44 x	0.46 x	0.31 x	0.25 x	0.25 x
Nbr of stocks (in thousands)	3,594,019	3,594,019	3,594,019	3,594,019	3,594,019	3,594,019	3,594,019	-
Reference price ²	21.50	19.32	13.98	10.70	9.720	7.230	7.230	7.230
Announcement Date	3/29/19	3/27/20	3/22/21	3/23/22	3/28/23	3/25/24	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	213,662	244,528	270,113	315,858	298,378	325,172	315,940	332,575
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	15,190	13,893	17,026	12,686	4,597	11,366	23,545	23,331
Operating Margin	7.11%	5.68%	6.3%	4.02%	1.54%	3.5%	7.45%	7.02%
Earnings before Tax (EBT) ¹	13,112	13,326	13,265	10,914	1,498	11,658	14,317	16,552
Net income ¹	6,884	9,009	6,549	7,514	2,797	6,190	7,526	8,084
Net margin	3.22%	3.68%	2.42%	2.38%	0.94%	1.81%	2.38%	2.43%
EPS ²	1.844	2.457	1.822	2.091	0.7780	1.495	2.141	2.299
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1000	0.3000	0.4000	0.4600	0.2600	0.3000	0.4136	0.4898
Announcement Date	3/29/19	3/27/20	3/22/21	3/23/22	3/28/23	3/25/24	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2020 S1	2022 S1	2023 S1
Net sales	147,624	-	-	-
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	8,926	-	-	-
Net income ¹	6,744	2,877	2,709	5,220
Net margin	4.57%	-	-	-
EPS	-	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	8/28/19	8/25/20	8/29/22	8/24/23

¹HKD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	19,022	22,507	12,225	-	-	-	-
Net Cash position ¹	-	-	-	-	15,203	13,931	59,654	57,446
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	8.49%	10.3%	7.85%	8.41%	5.22%	8.5%	8.21%	8.33%
ROA (Net income/ Total Assets)	0.97%	1.08%	0.63%	0.59%	0.2%	0.44%	0.59%	0.77%
Assets ¹	709,281	835,747	1,044,211	1,273,832	1,394,122	1,415,547	1,270,989	1,051,152
Book Value Per Share ²	17.00	21.20	25.20	24.50	21.00	22.00	28.40	29.00
Cash Flow per Share	-	-	31.80	27.40	26.40	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/29/19	3/27/20	3/22/21	3/23/22	3/28/23	3/25/24	-	-

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Taiping Insurance Holdings Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.23 HKD

Average target price

9.495 HKD

Spread / Average Target

+31.33%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Life Insurance

	1st Jan change	Capi.
CHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED	+7.59%	3.32B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+3.05%	95.15B
CHINA LIFE INSURANCE COMPANY LIMITED	+1.78%	94.71B
LIFE INSURANCE CORPORATION OF INDIA	+18.68%	74.93B
AIA GROUP LIMITED	-20.65%	77.24B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+6.69%	30.04B
JAPAN POST HOLDINGS CO., LTD.	+18.06%	27.87B
FUBON FINANCIAL HOLDING CO., LTD.	+4.32%	26.97B
SBI LIFE INSURANCE COMPANY LIMITED	-1.21%	16.99B
HDFC LIFE INSURANCE COMPANY LIMITED	-9.10%	15.16B

Life Insurance