保险公司的内含价值(中国平安)（Intrinsic value of an insurance company (China Ping An)）.docVIP

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保险公司的内含价值(中国平安)（Intrinsic value of an insurance company (China Ping An)）.doc

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保险公司的内含价值(中国平安)（Intrinsic value of an insurance company (China Ping An)）

保险公司的内含价值(中国平安)（Intrinsic value of an insurance company (China Ping An)） The implicit value of an insurance company is an indicator that mainland investors have just begun to focus on in recent years. In other words, net assets and net profits are not the best indicators of the valuation of insurance stocks. Wang Xiaogang pointed out that the insurance company (mainly refers to the intrinsic value of the life insurance company) (EV) net assets equivalent to other companies, the insurance companys intrinsic value (the actual income growth, the intrinsic value of the EV or EVE, Earning) net profit is equivalent to other industry company. Therefore, the actual market rate of insurance companies is P/EV, the actual price earnings ratio is P/EVE, the actual return on assets is EVE/EV. Li Shuangwu said that the market often only look at a companys price earnings ratio, the citys net, and this is not to determine whether the insurance stock investment value of the main factors. The characteristics of the insurance company is its intrinsic value, such as the Pacific, according to 12% discount rate, mean net assets China Taibao, every year is at 12% EV growth rate to rise, that is to buy Chinese Taibao with value, intrinsic value is increasing 12% every year. The price earnings ratio, China life, Ping An recently were 50 times, 46 times, CPIC is as high as 138 times. Wang Xiaogang pointed out that from the perspective of intrinsic value, intrinsic value of peace in 2009 of 20 yuan / share, China and Pacific Insurance were 11 yuan / share; and from the perspective of embedded value earnings, China life, Ping An, Pacific Insurance was 1.56 yuan / share, 4.01 yuan / share, 1.51 yuan / share. As a result, the actual price earnings ratio (P/EVE) of longevity, safety and CPIC is 19.1 times, 12.9 times, and 16.7 times. Wang Xiaogang said that from these figures you can see that the valuation of the three major insurance stocks are relatively low, especially in peace, less than 13 t