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Ping an Insurance Investment Daily 23 April 2021 Major Market Indicators Market Overview 22 Apr 21 Apr 20 Apr Mkt. Turn.(mn) 154,500 154,400 195,700 Focus on individual company performance; Eye on Golden Week Stock Advances 905 591 842 Concept Stock Stock Declines 756 1,075 796 Overnight US equities rose. Hong Kong stock market rose 133 points to 28,755. H-share HSI 28,755 28,622 29,136 Index rose 50 points to 10,939. Tech Index rose 94 points to 8,279. Market turnover was Change +133 -514 +30 HK$154.5 billion. Commodity stocks grew. Angang(347) and Maanshan Iron(323) gained HSI Turn.($bn) 55.63 75.47 113.52 5.2-9.8%. Healthcare sector rose. Innovent Bio(1801) and Ocumension-B(1477) gained HSCEI 10,939 10,889 11,086 4.7-13.6%. China Gas(384) announced share placement at discount. Share price failed to Change +51 -197 -7 keep above placement price HK$29.75. Share price plunged 11.3% and closed at HK$29. HSCEI Turn.($bn) 68.19 76.42 112.87 US initial weekly jobless claim fell further to 547,000, better than expectation, but it failed to provide much support to the US stock market on Thursday. Investors remained concerns HSI Technical Indicators on the surge of COVID 19 new cases in lots of countries including India. Media reports saying that US President Biden plans to propose nearly doubling the capital gains tax rate 10-days MA 28,793 50-days MA 29,178 for wealthy individuals, triggered a sell off on the US stock market in late session. 250-days MA 26,185 The three major US stock index all closed 0.9% lower on Thursday. All the S&P 500 14-days RSI 48.97 industry index fell, of which, the tech, material and energy sector suffered the most pressure. Primary resistance 29,000 On the other hand, flow fund to treasury market, 10 Year US treasury yield fell 1 basis Primary support 28,500 points to 1.55%. HS CEI Technical Indicators COVID 19 new cases rebounded globally especially in several emerging countries, 10-days MA 10,964 investors are concerned over the overall economy recovery pace. Besides, recent HK stock 50-days MA 11,306 fund raising activities absorb part of the market liquidity. Hong Kong stock market is not 250-days MA 10,452 likely to breakthrough. Hang Seng Index today resistance is at 29,000. Investors are 14-days RSI 45.44 expected to focus on corporate quarter results, and suggest to eye on Golden Week concept Primary resistance 11,200 stock in the near term. Primary support 10,600 Hong Kong Stock Connect net inflow HK$5.9bn, of which, China Mobile (0941) and Anta HSI Futures (2020) continued to have most net buy, providing support to their share price recently. On the other hand, Ping An(2318) announced quarter result, which is slightly better than 22 Apr 21 Apr 20 Apr market expectation. Since the short term uncertainties has removed, we expect Ping An Apr 28,738 28,532 29,071 share price to stabilize after the recent weakness. Volume 93,295 110,463 94,431 Open interests 107,181 107,877 108,374 HSI Chart May 28,564 28,360 28,904 Volume 2,518 1,307 684 Open interests 4,479 3,204 2,714 HSCEI Futures 22 Apr 21 Apr 20 Apr Apr 10,930 10,847 11,045 Volume 57,722 76,934 52,701 Open interests 152,524 155,121 154,436 Sources ：Google May 10,873 10,794 10,994 Volume 5,828 2,171 873 Open interests 11,536 7,414 6,790 Investment Daily Daily Focus Ping An Insurance (2318): Quarter Result slightly higher than expectation Ping An Insurance (2318) 1Q21 attributable operating profit rose 8.9% Ping An Insurance (2318) Info yoy to Rmb39.1bn, while net profit rose 4.5% yoy to Rmb27.2bn. Closed price 86.2 Besides, Life & Health insurance new business value rose 15.4% yoy in 1Q21. Its overall result is slightly higher than expectation. Expected P/E (X) 8.4 Expected Dividend Among business segment, Life & Health insurance operating profit rose 3.3 yield (%) steadily by 4.2% year on year to RMB25,580mn in 1Q21. Besides, 52 week high 103.6 thanks to combined ratio improved by 1.3 pps year on year to 95.2%, Ping 52 week low 74.6 An Property & Casualty insurance operating profit increased 15.2% to 14RSI 28 Rmb5.1bn in 1Q21. On the other hand, Ping An Bank operating profit rose 18.5% yoy to Rmb10.1bn. Ping An made a Rmb18.2bn provision related to China Fortune Land Development (CFLD) in 1Q21, which is around one third of Ping An total equity and debt exposure on this property company. It resulted in a Rmb10bn drag on Ping An Insurance net profit in 1Q21. Ping An will depend on future CFLD restructuring progress to adjust the provision. Thanks to strong jumpstart sales, Ping An life business first year premium rose 23% yoy in 1Q21. However, new business margin fell 2 percentage due to higher mix of short term saving product, resulted in only 15.4% new business value growth. Looking ahead, Ping An iterated that its life and health business is still at reform stage, and maintained guidance for life new business value positive growth target unchanged. Overall speaking, Ping An Insurance first quarter result is stable. Besides, we believe that the provision made for CFLD is adequate and will remove investors concern on this aspect. After recent share price downward adjustment, Ping An Insurance valuation is 8.4x prospective P/E, which seems not demanding. Suggest accumulate, target price is HK$100. Analyst: Samuel Chua, CFA http://www.kgieworld.com 23 April 2021 2 Investment Daily Great Wall Motor(2333)21Q1 Result Missed Expectation Great Wall Motor(2333) announced that 21Q1 operating revenue was Great Wall Motor(2333) Info RMB31.12 billion which grew 1.5 times YoY. Net profit was RMB1.64 Closed price 21.35 billion, which dropped 40% QoQ. 20Q1 loss was RMB650 million. Overall profitability was below expectation. Expected P/E (X) 19 Expected Dividend Indeed, Great Wall 21Q1 sales volume was strong, up 1.3 times YoY to 1.7 yield (%) 339,000. Among all brands, ORA volume growth was the fastest. Q1 52 week high 31.8 sales growth was over 10 times to 31,000 accounting for around 9% of 52 week low 4.7 total volume. Sales proportion increased 1.5 ppt QoQ. And core brand 14RSI 44 Haval sales volume grew more than 1 time to 223,000. Even though 21Q1 sales volume grew 1.3 times, profit still missed expectation. It was mainly attributable to raw material cost hike. Secondly, sales contribution of NEV with low margin increased which was unfavorable to sales mix. And chip shortage resulted into lower capacity utilization. Gross profit margin dropped more 3 ppt QoQ. Management said that surge in raw material price resulted into RMB1000-2000 increase in cost per car. And it led to 1-2 ppt negative impact towards gross profit margin. According to CPCA, ORA Black Cat, which was the best selling product line of Great Wall Motor, ranked the fourth in March NEV market. Sales volume reached 8,527. Market data showed that Black cat selling price ranges from RMB70,000-84,800, which was a low price model and well received by young car owners. But due to increase in sales of low price product, gross profit margin is under pressure. Management responded to low profitability of NEW by launching higher ASP product(RMB100,000-200,000) and high end product lines(RMB300,000+). Forward looking, the company launched 8 new cars. Product pipelines is rich. We look forward to Tank SUV with high margin. Selling price ranges from RMB170,000-210,000. Order on hand exceeded 40,000. Management expects that when chip shortage relieves, monthly sales volume may reach 10,000. In terms of valuation , FY21 forecast P/E is 19x which is higher than last three year average but similar with local brand peer Geely(175). It is believed that Q2 automobile sector will still be constrained by chip supply and raw material cost hike. As a result, profit visibility declines in short term. Investors are suggested to wait till supply landscape turns visible. It is expected to see support at around HK$19. Analyst: Tracy Chan Lok Yee http://www.kgieworld.com 23 April 2021 3 Investment Daily Shanghai /Shenzhen -Hong Kong Sto ck Connect Statistics SH Connect SZ Connect Combined Southbound Balance (RMB bn) 53.14 50.19 77.47 Balance as % of Quota Amount 102.2 96.52 92.2 Top 10 Most Actively Traded Stocks(SH-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) TENCENT 700 649,232,550 610,865,948 1,260,098,498 CHINA MOBILE 941 827,745,325 206,763,500 1,034,508,825 GREATWALL MOTOR 2333 742,624,125 257,226,800 999,850,925 XIAOMI-W 1810 551,820,200 303,051,490 854,871,690 ANTA SPORTS 2020 561,002,400 232,295,100 793,297,500 MEITUAN-W 3690 381,999,300 161,093,550 543,092,850 SMOORE INTL 6969 256,289,000 120,597,700 376,886,700 HKEX 388 322,332,200 9,491,520 331,823,720 ALI PICTURES 1060 321,574,300 8,855,300 330,429,600 CHINA TELECOM 728 123,115,580 118,016,900 241,132,480 Sources: HKEx Top 10 Most Actively Traded Stocks(SZ-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) TENCENT 700 665,275,650 590,073,639 1,255,349,289 CHINA MOBILE 941 591,107,975 150,101,175 741,209,150 GREATWALL MOTOR 2333 296,079,225 401,783,750 697,862,975 ANTA SPORTS 2020 610,457,100 10,934,000 621,391,100 GEELY AUTO 175 316,036,100 272,904,600 588,940,700 MEITUAN-W 3690 242,421,900 256,767,580 499,189,480 SIHUAN PHARM 460 228,451,080 157,672,520 386,123,600 HKEX 388 205,477,140 179,930,120 385,407,260 CHINA GAS HOLD 384 369,808,360 12,511,360 382,319,720 XIAOMI-W 1810 227,459,800 151,083,470 378,543,270 Sources: HKEx Other Statistics Ten Most Actively Traded Stocks Stock Name Code Change Closed Price Turnover(Million) CHINA GAS HOLD 384 -11.32% 29.00 143.36
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