Announcement • May 28
China Taiping Insurance Holdings Company Limited, Annual General Meeting, Jun 24, 2026 China Taiping Insurance Holdings Company Limited, Annual General Meeting, Jun 24, 2026, at 15:00 China Standard Time. Location: 26/f., china taiping finance centre, 18 king wah road, north point, Hong Kong Declared Dividend • Mar 27
Dividend increased to HK$1.23 Dividend of HK$1.23 is 251% higher than last year. Ex-date: 8th July 2026 Payment date: 21st July 2026 Dividend yield will be 5.9%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 32% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 57% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. New Risk • Mar 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 28% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: HK$7.25 (vs HK$2.07 in FY 2024) Full year 2025 results: EPS: HK$7.25 (up from HK$2.07 in FY 2024). Revenue: HK$132.9b (up 9.8% from FY 2024). Net income: HK$26.1b (up 251% from FY 2024). Profit margin: 20% (up from 6.1% in FY 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Mar 25
China Taiping Insurance Holdings Company Limited Proposes Final Dividend for the Year Ended 31 December 2025, Payable on 21 July 2026 China Taiping Insurance Holdings Company Limited proposed Final Dividend of HKD 1.23 per share for the year ended 31 December 2025. Ex-dividend date is 08 July 2026. Record date is 10 July 2026. Payment date is 21 July 2026. Announcement • Mar 09
China Taiping Insurance Holdings Company Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 China Taiping Insurance Holdings Company Limited announced that they will report fiscal year 2025 results at 12:30 PM, China Standard Time on Mar 25, 2026 Price Target Changed • Jan 16
Price target increased by 13% to HK$21.33 Up from HK$18.85, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of HK$21.42. Stock is up 96% over the past year. The company is forecast to post earnings per share of HK$2.67 for next year compared to HK$2.07 last year. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$21.68, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Insurance industry in Hong Kong. Total returns to shareholders of 120% over the past three years. Announcement • Nov 22
China Taiping Insurance Holdings Company Limited Announces Change of Non-Executive Directors and Committee's, with Effect from 21 November 2025 The board of directors of China Taiping Insurance Holdings Company Limited announced the following change of non-executive directors and board committee members of the Company with effect from 21 November 2025. non-executive directors, Mr. GUO Zhaoxu (‘Mr. GUO’) and Ms. ZHANG Cui (‘Ms. ZHANG’), due to reaching the age of retirement, have resigned as non-executive directors of the Company. Upon their resignation, Mr. GUO will cease to be a member of the risk management committee of the Company, and Ms. ZHANG will cease to be a member of the audit committee and risk management committee of the Company. Mr. GUO and Ms. ZHANG have confirmed that they have no disagreement with the Board, and there is no matter relating to their resignations that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited (the ‘Stock Exchange’) and the shareholders of the Company. The Company further announced that Mr. FENG Zhanwu (‘Mr. FENG’) has been appointed as a non-executive director and a member of the risk management committee of the Company. Mr. FENG Zhanwu, aged 52, has been a non-executive director of China Taiping Insurance Group Ltd. and China Taiping Insurance Group (Hong Kong) Limited since November 2025. Mr. FENG had been the deputy director-general level cadre of Beijing National Accounting Institute, director, first-class researcher of the Staff Education Center of the Ministry of Finance of China etc. Mr. FENG holds a master degree of economics from Central University of Finance and Economics, China. Mr. FENG is not appointed for a specific term, but will retire at the annual general meeting of the Company in 2026 pursuant to article 93 of the Company's articles of association, at which time he will be eligible for re-election. Thereafter, he will be subject to retirement by rotation and re-election every three years at the annual general meeting of the Company in accordance with article 97 of the Company's articles of association. Mr. FENG is not entitled to receive any remuneration or other benefits from the Company, unless otherwise decided by the Board and nomination and remuneration committee of the Company in accordance with the procedures applicable to the Board and the nomination and remuneration committee. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$17.14, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Insurance industry in Hong Kong. Total returns to shareholders of 209% over the past three years. Announcement • Sep 26
China Taiping Insurance Holdings Company Limited Announces Appointment of Executive Director and Change of Board Committee Members China Taiping Insurance Holdings Company Limited announced that Ms. NA Yanfang ("Ms. NA") has been appointed as an executive director and a member of the nomination and remuneration committee, the risk management committee and the strategy and investment committee of the Company, and Mr. YIN Zhaojun, the chairman of the Board, ceased to be a member of the nomination and remuneration committee of the Company with effect from 25 September 2025. Ms. NA Yanfang, aged 52, has been an executive director of China Taiping Insurance Group Ltd. and China Taiping Insurance Group (Hong Kong) Limited since September 2025. Ms. NA had been the head of the Ninth Procuratorial Department, the head of the Tenth Procuratorial Department etc. Ms. NA holds a doctorate degree of procedural law from China University of Political Science and Law. Ms. NA is not appointed for a specific term, but will retire at the annual general meeting of the Company in 2026 pursuant to article 93 of the Company's articles of association, at which time she will be eligible for re-election. Thereafter, she will be subject to retirement by rotation and re-election every three years at the annual general meeting of the Company in accordance with article 97 of the Company's articles of association. Ms. NA is entitled to receive a remuneration of RMB 345,900 per annum subject to an annual review by the Board and the nomination and remuneration committee of the Company. Ms. NA is also entitled to receive discretionary bonus payments or other benefits as may be decided by the Board and the nomination and remuneration committee of the Company from time to time, having regard to her performance and duties, the Company's performance and profitability and the prevailing market conditions. In addition, Ms. NA is provided with accommodations at no charge by the Company. The size, location and cost of the premises provided is determined in accordance with the internal policy of the Group. New Risk • Sep 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Price Target Changed • Aug 31
Price target increased by 12% to HK$17.12 Up from HK$15.31, the current price target is an average from 10 analysts. New target price is 5.8% above last closing price of HK$16.18. Stock is up 60% over the past year. The company is forecast to post earnings per share of HK$2.53 for next year compared to HK$2.07 last year. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: HK$1.74 (vs HK$1.54 in 1H 2024) First half 2025 results: EPS: HK$1.74 (up from HK$1.54 in 1H 2024). Revenue: HK$59.1b (down 12% from 1H 2024). Net income: HK$6.27b (up 13% from 1H 2024). Profit margin: 11% (up from 8.3% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 08
Price target increased by 8.1% to HK$15.85 Up from HK$14.66, the current price target is an average from 10 analysts. New target price is 7.5% below last closing price of HK$17.14. Stock is up 120% over the past year. The company is forecast to post earnings per share of HK$2.53 for next year compared to HK$2.07 last year. Announcement • Aug 04
China Taiping Insurance Holdings Company Limited to Report First Half, 2025 Results on Aug 28, 2025 China Taiping Insurance Holdings Company Limited announced that they will report first half, 2025 results on Aug 28, 2025 Price Target Changed • Aug 01
Price target increased by 8.5% to HK$15.31 Up from HK$14.11, the current price target is an average from 10 analysts. New target price is 10% below last closing price of HK$17.10. Stock is up 112% over the past year. The company is forecast to post earnings per share of HK$2.53 for next year compared to HK$2.07 last year. Upcoming Dividend • Jul 02
Upcoming dividend of HK$0.35 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 22 July 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Hong Kong dividend payers (7.3%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$15.92, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Insurance industry in Hong Kong. Total returns to shareholders of 86% over the past three years. Announcement • May 30
China Taiping Insurance Holdings Company Limited Approves Final Dividend for the Year Ended 31 December 2024 China Taiping Insurance Holdings Company Limited, at the AGM held on 30 May 2025 approved final dividend of 35 HK cents per share for the year ended 31 December 2024. Announcement • Apr 29
China Taiping Insurance Holdings Company Limited, Annual General Meeting, May 30, 2025 China Taiping Insurance Holdings Company Limited, Annual General Meeting, May 30, 2025, at 15:00 China Standard Time. Location: 26/f, china taiping finance centre, 18 king wah road, north point, Hong Kong Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$9.97, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Insurance industry in Hong Kong. Total returns to shareholders of 18% over the past three years. Declared Dividend • Mar 26
Dividend increased to HK$0.35 Dividend of HK$0.35 is 17% higher than last year. Ex-date: 9th July 2025 Payment date: 22nd July 2025 Dividend yield will be 2.9%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (1% cash payout ratio). The dividend has increased by an average of 17% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Mar 25
Price target increased by 7.1% to HK$14.88 Up from HK$13.89, the current price target is an average from 9 analysts. New target price is 28% above last closing price of HK$11.64. Stock is up 77% over the past year. The company is forecast to post earnings per share of HK$2.68 for next year compared to HK$2.07 last year. Reported Earnings • Mar 25
Full year 2024 earnings released: EPS: HK$2.07 (vs HK$1.50 in FY 2023) Full year 2024 results: EPS: HK$2.07 (up from HK$1.50 in FY 2023). Revenue: HK$121.0b (up 7.7% from FY 2023). Net income: HK$7.43b (up 38% from FY 2023). Profit margin: 6.1% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Mar 10
China Taiping Insurance Holdings Company Limited to Report Fiscal Year 2024 Results on Mar 24, 2025 China Taiping Insurance Holdings Company Limited announced that they will report fiscal year 2024 results on Mar 24, 2025 Announcement • Jan 23
China Taiping Insurance Holdings Company Limited Announces Board and Committee Changes China Taiping Insurance Holdings Company Limited announces that Mr. LI Kedong has been appointed as the vice chairman of the Board, general manager and respective change of board committee members of the Company, with effect from 23 January 2025. Mr. LI Kedong, the current executive director and deputy general manager of the Company, has been appointed as the vice chairman of the Board, general manager and a member of
the risk management committee of the Company with effect from 23 January 2025. Mr. LI Kedong, aged 57, is currently an executive director and deputy general manager of the Company, an executive director, the vice chairman and general manager of China Taiping Insurance Group Ltd. and China Taiping Insurance Group (HK) Company Limited. Mr. LI is also a director of Taiping Life Insurance Company Limited, a director of Taiping General Insurance Company Limited, a director of Taiping Pension Company Limited, a director of Taiping Asset Management Company Limited, the chairman of Taiping Capital Asset Management Company Limited, the chairman of Taiping Industry Investment Management Co. Ltd. and the chairman of Taiping Financial Holdings Company Limited. Mr. LI had been a deputy general manager of TPG and TPG (HK). Mr. LI had been the business director, general manager of client relationship management and business development department, general manager of product management department, general manager of project risk management department/state project business department, general manager of human resources department, general manager of Shanghai Branch and general manager of Guangdong Branch of China Export & Credit Insurance Corporation and the director of the administrator's office of the general office of Civil Aviation Administration of China. Mr. LI holds a master degree in aero engine from Beihang University, China. He is also an engineer. The Board hereby further announces that Mr. YIN Zhaojun, the chairman of the Board, has ceased to be a member of the risk management committee of the Company, with effect from 23 January 2025. Price Target Changed • Nov 02
Price target increased by 8.7% to HK$12.99 Up from HK$11.94, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of HK$13.58. Stock is up 84% over the past year. The company is forecast to post earnings per share of HK$2.47 for next year compared to HK$1.50 last year. Price Target Changed • Oct 24
Price target increased by 10% to HK$12.58 Up from HK$11.43, the current price target is an average from 11 analysts. New target price is 20% below last closing price of HK$15.74. Stock is up 115% over the past year. The company is forecast to post earnings per share of HK$2.47 for next year compared to HK$1.50 last year. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$12.50, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Insurance industry in Hong Kong. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$10.52, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Insurance industry in Hong Kong. Total loss to shareholders of 3.7% over the past three years. Price Target Changed • Sep 02
Price target increased by 9.8% to HK$10.95 Up from HK$9.98, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of HK$10.48. Stock is up 21% over the past year. The company is forecast to post earnings per share of HK$2.39 for next year compared to HK$1.50 last year. Reported Earnings • Aug 28
First half 2024 earnings released: EPS: HK$1.54 (vs HK$1.37 in 1H 2023) First half 2024 results: EPS: HK$1.54 (up from HK$1.37 in 1H 2023). Revenue: HK$66.9b (up 14% from 1H 2023). Net income: HK$5.53b (up 13% from 1H 2023). Profit margin: 8.3% (in line with 1H 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Aug 27
China Taiping Insurance Holdings Company Limited Announces Streamlining the Structure of Board Committees The board of directors of China Taiping Insurance Holdings Company Limited announced that, in order to streamline the structure of board committees and enhance the operations efficiency, the following modifications of the composition and structure of board committees of the Company have been effective from 27 August 2024: the nomination committee and remuneration committee of the Company has been re- organised into nomination and remuneration committee with Mr. ZHU Dajian (chairman), Mr. WANG Sidong and Mrs. LAW FAN Chiu Fun Fanny as members; and the establishment of the strategy and investment committee of the Company, in place of the corporate governance committee, to oversee the strategy, investment and corporate governance matters of the Company, with Mr. WANG Sidong (chairman), Mr. YIN Zhaojun, Mr. LI Kedong and Mr. HU Xingguo as members. Announcement • Aug 14
China Taiping Insurance Holdings Company Limited to Report First Half, 2024 Results on Aug 27, 2024 China Taiping Insurance Holdings Company Limited announced that they will report first half, 2024 results on Aug 27, 2024 Upcoming Dividend • Jul 03
Upcoming dividend of HK$0.30 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 23 July 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Hong Kong dividend payers (8.0%). Lower than average of industry peers (4.3%). Announcement • Jun 28
China Taiping Insurance Holdings Company Limited Declares Final Dividend for the Year Ended 31 December 2023 China Taiping Insurance Holdings Company Limited at its annual general meeting held on 28 June 2024, declare a final dividend of 30 Hong Kong cents per share for the year ended 31 December 2023. Announcement • Jun 06
China Taiping Insurance Holdings Company Limited, Annual General Meeting, Jun 28, 2024 China Taiping Insurance Holdings Company Limited, Annual General Meeting, Jun 28, 2024, at 15:00 China Standard Time. Location: 26/f., china taiping finance centre, 18 king wah road, north point, Hong Kong Major Estimate Revision • May 22
Consensus revenue estimates decrease by 25% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from HK$315.9b to HK$235.9b. EPS estimate unchanged at HK$2.01 per share. Net income forecast to grow 28% next year vs 29% growth forecast for Insurance industry in Hong Kong. Consensus price target broadly unchanged at HK$9.85. Share price rose 8.3% to HK$9.09 over the past week. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$9.30, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Insurance industry in Hong Kong. Total loss to shareholders of 26% over the past three years. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: HK$1.50 (vs HK$1.20 in FY 2022) Full year 2023 results: EPS: HK$1.50 (up from HK$1.20 in FY 2022). Revenue: HK$112.4b (up 3.8% from FY 2022). Net income: HK$5.37b (up 25% from FY 2022). Profit margin: 4.8% (up from 4.0% in FY 2022). The increase in margin was driven by higher revenue. Combined ratio: 98.4% (up from 97.2% in FY 2022). Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 21% per year. Major Estimate Revision • Apr 01
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from HK$348.7b to HK$315.9b. EPS estimate rose from HK$1.93 to HK$2.14. Net income forecast to grow 40% next year vs 27% growth forecast for Insurance industry in Hong Kong. Consensus price target down from HK$10.16 to HK$9.63. Share price rose 5.9% to HK$6.85 over the past week. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: HK$1.50 (vs HK$0.78 in FY 2022) Full year 2023 results: EPS: HK$1.50 (up from HK$0.78 in FY 2022). Revenue: HK$113.3b (down 62% from FY 2022). Net income: HK$6.19b (up 121% from FY 2022). Profit margin: 5.5% (up from 0.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 26% per year. Announcement • Mar 06
China Taiping Insurance Holdings Company Limited to Report Fiscal Year 2023 Results on Mar 25, 2024 China Taiping Insurance Holdings Company Limited announced that they will report fiscal year 2023 results on Mar 25, 2024 Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$6.81, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Insurance industry in Hong Kong. Total loss to shareholders of 44% over the past three years. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: HK$1.37 (vs HK$0.75 in 1H 2022) First half 2023 results: EPS: HK$1.37 (up from HK$0.75 in 1H 2022). Revenue: HK$58.3b (down 67% from 1H 2022). Net income: HK$4.91b (up 81% from 1H 2022). Profit margin: 8.4% (up from 1.6% in 1H 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Aug 25
China Taiping Insurance Holdings Company Limited Announces Resignation of Yang Changgui as Non-Executive Director and Member of the Remuneration Committee The board of directors of China Taiping Insurance Holdings Company Limited announced that Mr. YANG Changgui (Mr. YANG), due to reaching the age of retirement, has resigned as a non-executive director and a member of the remuneration committee of the Company with effect from 24 August 2023. Mr. YANG has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. Announcement • Aug 08
China Taiping Insurance Holdings Company Limited to Report First Half, 2023 Results on Aug 24, 2023 China Taiping Insurance Holdings Company Limited announced that they will report first half, 2023 results on Aug 24, 2023 Announcement • Jul 21
China Taiping Insurance Holdings Company Limited Announces Resignation of Xiao Xing as Executive Director, Deputy General Manager, Member of Corporate Governance Committee and Member of Risk Management Committee The board of directors of China Taiping Insurance Holdings Company Limited announced that Mr. XIAO Xing, due to personal reason, has resigned as an executive director, deputy general manager, a member of the corporate governance committee and a member of the risk management committee of the Company with effect from 18 July 2023. Mr. XIAO has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. Upcoming Dividend • Jul 03
Upcoming dividend of HK$0.26 per share at 3.2% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Hong Kong dividend payers (7.6%). Lower than average of industry peers (4.1%). Announcement • Jun 01
China Taiping Insurance Holdings Company Limited Approves Final Dividend for the Year Ended 31 December 2022 China Taiping Insurance Holdings Company Limited announced that at its AGM held on May 31, 2023, approved a final dividend of 26 HK cents per share for the year ended 31 December 2022. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: HK$0.78 (down from HK$2.09 in FY 2021). Revenue: HK$298.4b (down 5.6% from FY 2021). Net income: HK$2.80b (down 63% from FY 2021). Profit margin: 0.9% (down from 2.4% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 44%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Major Estimate Revision • Feb 07
Consensus EPS estimates fall by 49% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate fell from HK$1.48 to HK$0.75. Revenue forecast unchanged from HK$306.7b at last update. Net income forecast to grow 4.3% next year vs 34% growth forecast for Insurance industry in Hong Kong. Consensus price target broadly unchanged at HK$11.74. Share price fell 11% to HK$9.63 over the past week. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$9.83, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Insurance industry in Hong Kong. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$13.65 per share. Announcement • Feb 02
China Taiping Insurance Holdings Company Limited Provides Earnings Guidance for the Year Ended 31 December 2022 China Taiping Insurance Holdings Company Limited provided earnings guidance for the year ended 31 December 2022. The profit attributable to owners of the company for the year ended 31 December 2022 is expected a decrease by approximately 64% as compared with that of the corresponding period reported in 2021. The profit attributable to owners of the company for the 2021 annual results was HKD 7,514 million. Buying Opportunity • Jan 30
Now 24% undervalued Over the last 90 days, the stock is up 91%. The fair value is estimated to be HK$14.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 6.6%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings is also forecast to grow by 26% per annum over the same time period. Announcement • Jan 19
China Taiping Insurance Holdings Company Limited Announces Appointment LI Kedong aas= Director The board of directors (the "Board") of China Taiping Insurance Holdings Company Limited announces that Mr. LI Kedong ("Mr. LI") has been appointed as an executive director, a member of the nomination committee and a member of the corporate governance committee of the Company with effect from 18 January 2023. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 18% share price gain to HK$7.92, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Insurance industry in Hong Kong. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$14.92 per share. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Fanny Law was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 16% share price gain to HK$6.31, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Insurance industry in Hong Kong. Total loss to shareholders of 63% over the past three years. Reported Earnings • Aug 30
First half 2022 earnings released: EPS: HK$0.75 (vs HK$1.42 in 1H 2021) First half 2022 results: EPS: HK$0.75 (down from HK$1.42 in 1H 2021). Revenue: HK$174.4b (down 4.5% from 1H 2021). Net income: HK$2.71b (down 47% from 1H 2021). Profit margin: 1.6% (down from 2.8% in 1H 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 9.8% compared to a 1.6% decline forecast for the Insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 01
Upcoming dividend of HK$0.46 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 21 July 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (4.5%). Reported Earnings • Apr 29
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: HK$2.09 (up from HK$1.82 in FY 2020). Revenue: HK$316.1b (flat on FY 2020). Net income: HK$7.51b (up 15% from FY 2020). Profit margin: 2.4% (up from null in FY 2020). Combined ratio: 105.9% (up from 103.9% in FY 2020). Revenue exceeded analyst estimates by 9.1%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 3.6% compared to a 22% decline forecast for the insurance industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Zhichun Xie was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Mar 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from HK$311.1b to HK$325.2b. EPS estimate fell from HK$2.87 to HK$2.36 per share. Net income forecast to grow 13% next year vs 12% growth forecast for Insurance industry in Hong Kong. Consensus price target down from HK$15.89 to HK$14.54. Share price was steady at HK$9.66 over the past week. Price Target Changed • Mar 28
Price target decreased to HK$14.68 Down from HK$15.89, the current price target is an average from 14 analysts. New target price is 52% above last closing price of HK$9.65. Stock is down 40% over the past year. The company is forecast to post earnings per share of HK$2.34 for next year compared to HK$2.09 last year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 23% share price gain to HK$9.72, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Insurance industry in Hong Kong. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$10.06, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Insurance industry in Hong Kong. Total loss to shareholders of 55% over the past three years. Board Change • Nov 24
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Non-Executive Director Zhichun Xie was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Jul 02
Upcoming dividend of HK$0.40 per share Eligible shareholders must have bought the stock before 09 July 2021. Payment date: 22 July 2021. Trailing yield: 3.1%. Lower than top quartile of Hong Kong dividend payers (6.2%). Lower than average of industry peers (3.5%). Price Target Changed • Mar 26
Price target increased to HK$19.56 Up from HK$18.05, the current price target is an average from 17 analysts. New target price is 22% above last closing price of HK$16.04. Stock is up 30% over the past year. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS HK$1.82 (vs HK$2.46 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: HK$270.1b (up 10.0% from FY 2019). Net income: HK$6.55b (down 26% from FY 2019). Profit margin: 2.4% (down from 3.6% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 23
New 90-day high: HK$16.76 The company is up 26% from its price of HK$13.28 on 25 November 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$27.40 per share. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 16% share price gain to HK$16.76, the stock is trading at a trailing P/E ratio of 11.8x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 10x in the Insurance industry in Hong Kong. Total return to shareholders over the past three years is a loss of 44%. 
