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 01:38:06 30/04/2024 pm IST			5-day change	1st Jan Change
7.2 ^HKD	-2.70%		+11.28%	+7.14%

25/03	China Taiping Insurance Logs 44% Rise in 2023 Profit	MT
25/03	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	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,436	50,244	38,456	34,934	24,152	25,877	-	-
Enterprise Value (EV) ¹	88,458	72,751	50,681	19,731	10,221	-33,777	-31,569	25,877
P/E ratio	7.86 x	7.67 x	5.12 x	12.5 x	4.49 x	3.36 x	3.13 x	3.02 x
Yield	1.55%	2.86%	4.3%	2.67%	4.46%	5.74%	6.8%	5.78%
Capitalization / Revenue	0.28 x	0.19 x	0.12 x	0.12 x	-	0.08 x	0.08 x	-
EV / Revenue	0.36 x	0.27 x	0.16 x	0.07 x	-	-0.11 x	-0.09 x	-
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.91 x	0.55 x	0.44 x	0.46 x	0.31 x	0.25 x	0.25 x	0.23 x
Nbr of stocks (in thousands)	35,94,019	35,94,019	35,94,019	35,94,019	35,94,019	35,94,019	-	-
Reference price ²	19.32	13.98	10.70	9.720	6.720	7.200	7.200	7.200
Announcement Date	27/03/20	22/03/21	23/03/22	28/03/23	25/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,44,528	2,70,113	3,15,858	2,98,378	-	3,15,940	3,32,575	-
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	13,893	17,026	12,686	4,597	-	23,545	23,331	-
Operating Margin	5.68%	6.3%	4.02%	1.54%	-	7.45%	7.02%	-
Earnings before Tax (EBT) ¹	13,326	13,265	10,914	1,498	11,658	14,317	16,552	15,165
Net income ¹	9,009	6,549	7,514	2,797	6,190	7,526	8,084	8,106
Net margin	3.68%	2.42%	2.38%	0.94%	-	2.38%	2.43%	-
EPS ²	2.457	1.822	2.091	0.7780	1.495	2.141	2.299	2.385
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.3000	0.4000	0.4600	0.2600	0.3000	0.4136	0.4898	0.4165
Announcement Date	27/03/20	22/03/21	23/03/22	28/03/23	25/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2022 S1	2023 S1
Net sales	-	-	-
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income ¹	2,877	2,709	5,220
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	25/08/20	29/08/22	24/08/23

¹HKD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
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)	10.3%	7.85%	8.41%	5.22%	8.5%	8.21%	8.33%	9.28%
ROA (Net income/ Total Assets)	1.08%	0.63%	0.59%	0.2%	0.44%	0.59%	0.77%	0.66%
Assets ¹	8,35,747	10,44,211	12,73,832	13,94,122	14,15,547	12,70,989	10,51,152	12,28,182
Book Value Per Share ²	21.20	25.20	24.50	21.00	22.00	28.40	29.00	31.10
Cash Flow per Share	-	31.80	27.40	26.40	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	27/03/20	22/03/21	23/03/22	28/03/23	25/03/24	-	-	-

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

7.2 HKD

Average target price

9.495 HKD

Spread / Average Target

+31.87%

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	+7.14%	3.4B
CHINA LIFE INSURANCE COMPANY LIMITED	+2.96%	98.64B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+2.63%	96.79B
AIA GROUP LIMITED	-15.06%	81.97B
LIFE INSURANCE CORPORATION OF INDIA	+17.51%	74.29B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+8.49%	31.45B
JAPAN POST HOLDINGS CO., LTD.	+19.97%	28B
FUBON FINANCIAL HOLDING CO., LTD.	+6.64%	27.72B
SBI LIFE INSURANCE COMPANY LIMITED	+0.28%	17.07B
HDFC LIFE INSURANCE COMPANY LIMITED	-9.75%	14.82B

Life Insurance