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966

China Taiping Insurance Holdings SEHK:966 Stock Report

Last Price

HK$7.94

Market Cap

HK$28.5b

7D

-1.9%

1Y

-30.8%

Updated

18 Aug, 2022

Data

Company Financials +
966 fundamental analysis
Snowflake Score
Valuation5/6
Future Growth1/6
Past Performance4/6
Financial Health4/6
Dividends3/6

966 Stock Overview

China Taiping Insurance Holdings Company Limited, an investment holding company, underwrites various insurance and reinsurance products in the People’s Republic of China and internationally.

China Taiping Insurance Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for China Taiping Insurance Holdings
Historical stock prices
Current Share PriceHK$7.94
52 Week HighHK$13.00
52 Week LowHK$7.79
Beta0.89
1 Month Change-5.59%
3 Month Change-7.35%
1 Year Change-30.84%
3 Year Change-58.17%
5 Year Change-66.92%
Change since IPO375.45%

Recent News & Updates

Jun 10
China Taiping Insurance Holdings (HKG:966) Is Paying Out A Larger Dividend Than Last Year

China Taiping Insurance Holdings (HKG:966) Is Paying Out A Larger Dividend Than Last Year

China Taiping Insurance Holdings Company Limited's ( HKG:966 ) dividend will be increasing to HK$0.46 on 21st of July...

May 18
China Taiping Insurance Holdings' (HKG:966) Upcoming Dividend Will Be Larger Than Last Year's

China Taiping Insurance Holdings' (HKG:966) Upcoming Dividend Will Be Larger Than Last Year's

China Taiping Insurance Holdings Company Limited ( HKG:966 ) will increase its dividend on the 21st of July to HK$0.46...

Shareholder Returns

966HK InsuranceHK Market
7D-1.9%-2.9%-0.9%
1Y-30.8%-22.3%-19.7%

Return vs Industry: 966 underperformed the Hong Kong Insurance industry which returned -23.5% over the past year.

Return vs Market: 966 underperformed the Hong Kong Market which returned -20.8% over the past year.

Price Volatility

Is 966's price volatile compared to industry and market?
966 volatility
966 Average Weekly Movement3.7%
Insurance Industry Average Movement3.9%
Market Average Movement6.5%
10% most volatile stocks in HK Market12.9%
10% least volatile stocks in HK Market3.2%

Stable Share Price: 966 is less volatile than 75% of Hong Kong stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: 966's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
200068,446Zhaojun Yinhttps://www.ctih.cntaiping.com

China Taiping Insurance Holdings Company Limited, an investment holding company, underwrites various insurance and reinsurance products in the People’s Republic of China and internationally. The company operates through three business segments: Life Insurance, Property and Casualty Insurance, and Reinsurance. The Life Insurance segment provides life insurance products, such as individual and group life insurance, health insurance, and accident insurance products and annuities.

China Taiping Insurance Holdings Fundamentals Summary

How do China Taiping Insurance Holdings's earnings and revenue compare to its market cap?
966 fundamental statistics
Market CapHK$28.54b
Earnings (TTM)HK$7.51b
Revenue (TTM)HK$316.11b

3.8x

P/E Ratio

0.1x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
966 income statement (TTM)
RevenueHK$316.11b
Cost of RevenueHK$268.75b
Gross ProfitHK$47.36b
Other ExpensesHK$39.85b
EarningsHK$7.51b

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 29, 2022

Earnings per share (EPS)2.09
Gross Margin14.98%
Net Profit Margin2.38%
Debt/Equity Ratio99.0%

How did 966 perform over the long term?

See historical performance and comparison

Dividends

5.8%

Current Dividend Yield

22%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 966 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 966?

Other financial metrics that can be useful for relative valuation.

966 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.4x
Enterprise Value/EBITDA8.7x
PEG Ratio0.2x

Price to Earnings Ratio vs Peers

How does 966's PE Ratio compare to its peers?

966 PE Ratio vs Peers
The above table shows the PE ratio for 966 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9.9x
376 Yunfeng Financial Group
9.8xn/aHK$5.0b
2628 China Life Insurance
7.3x17.5%HK$737.3b
1299 AIA Group
15.4x11.2%HK$899.1b
2318 Ping An Insurance (Group) Company of China
7.1x15.5%HK$824.2b
966 China Taiping Insurance Holdings
3.8x15.8%HK$28.5b

Price-To-Earnings vs Peers: 966 is good value based on its Price-To-Earnings Ratio (3.8x) compared to the peer average (9.9x).


Price to Earnings Ratio vs Industry

How does 966's PE Ratio compare vs other companies in the Asian Insurance Industry?

Price-To-Earnings vs Industry: 966 is good value based on its Price-To-Earnings Ratio (3.8x) compared to the Hong Kong Insurance industry average (6.6x)


Price to Earnings Ratio vs Fair Ratio

What is 966's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

966 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.8x
Fair PE Ratio8x

Price-To-Earnings vs Fair Ratio: 966 is good value based on its Price-To-Earnings Ratio (3.8x) compared to the estimated Fair Price-To-Earnings Ratio (8x).


Share Price vs Fair Value

What is the Fair Price of 966 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 966 (HK$7.94) is trading below our estimate of fair value (HK$20.77)

Significantly Below Fair Value: 966 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is China Taiping Insurance Holdings forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


15.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 966's forecast earnings growth (15.8% per year) is above the savings rate (1.6%).

Earnings vs Market: 966's earnings (15.8% per year) are forecast to grow slower than the Hong Kong market (16.8% per year).

High Growth Earnings: 966's earnings are forecast to grow, but not significantly.

Revenue vs Market: 966's revenue (6.4% per year) is forecast to grow slower than the Hong Kong market (10% per year).

High Growth Revenue: 966's revenue (6.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 966's Return on Equity is forecast to be low in 3 years time (9.5%).


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Past Performance

How has China Taiping Insurance Holdings performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


8.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 966 has high quality earnings.

Growing Profit Margin: 966's current net profit margins (2.4%) are lower than last year (2.4%).


Past Earnings Growth Analysis

Earnings Trend: 966's earnings have grown by 8.3% per year over the past 5 years.

Accelerating Growth: 966's earnings growth over the past year (14.7%) exceeds its 5-year average (8.3% per year).

Earnings vs Industry: 966 earnings growth over the past year (14.7%) exceeded the Insurance industry 11.4%.


Return on Equity

High ROE: 966's Return on Equity (9.7%) is considered low.


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Financial Health

How is China Taiping Insurance Holdings's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 966's short term assets (HK$251.1B) exceed its short term liabilities (HK$239.4B).

Long Term Liabilities: 966's short term assets (HK$251.1B) do not cover its long term liabilities (HK$1,025.8B).


Debt to Equity History and Analysis

Debt Level: 966 has more cash than its total debt.

Reducing Debt: 966's debt to equity ratio has increased from 69% to 99% over the past 5 years.

Debt Coverage: 966's debt is well covered by operating cash flow (87.8%).

Interest Coverage: 966's interest payments on its debt are well covered by EBIT (4.6x coverage).


Balance Sheet


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Dividend

What is China Taiping Insurance Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


5.79%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 966's dividend (5.79%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.84%).

High Dividend: 966's dividend (5.79%) is low compared to the top 25% of dividend payers in the Hong Kong market (8.27%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 966 has been paying a dividend for less than 10 years.

Growing Dividend: 966's dividend payments have increased, but the company has only paid a dividend for 5 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (22%), 966's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (1.7%), 966's dividend payments are thoroughly covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.9yrs

Average management tenure


CEO

Zhaojun Yin (57 yo)

1.58yrs

Tenure

HK$947,000

Compensation

Mr. Zhaojun Yin serves as Director for Taiping Life Insurance Company Limited since 2021. He is Vice Chairman of the Board and General Manager China Taiping Insurance Holdings Company Ltd. since January 29...


CEO Compensation Analysis

Compensation vs Market: Zhaojun's total compensation ($USD120.74K) is below average for companies of similar size in the Hong Kong market ($USD468.92K).

Compensation vs Earnings: Insufficient data to compare Zhaojun's compensation with company performance.


Leadership Team

Experienced Management: 966's management team is seasoned and experienced (5.9 years average tenure).


Board Members

Experienced Board: 966's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

China Taiping Insurance Holdings Company Limited's employee growth, exchange listings and data sources


Key Information

  • Name: China Taiping Insurance Holdings Company Limited
  • Ticker: 966
  • Exchange: SEHK
  • Founded: 2000
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Implied Market Cap: HK$28.537b
  • Shares outstanding: 3.59b
  • Website: https://www.ctih.cntaiping.com

Number of Employees


Location

  • China Taiping Insurance Holdings Company Limited
  • 18 King Wah Road
  • 25th Floor
  • North Point
  • Hong Kong

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/18 00:00
End of Day Share Price2022/08/18 00:00
Earnings2021/12/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.