Flat deep Integrated Equity or 5 for 1 MA: Hope soon on this announcement

August 25, China Ping An 2010-year report on the performance of the Conference in Hong Kong and Shanghai Connection. At the meeting, the world's most concerned about the consolidation of peace and China's peaceful participation in the acquisition of AIA 30% stake in the two major doubts, has not been uncovered by the management, in the above two questions "limbo micro-step" management, it seems the most valuable topic is the first half of this year, China Ping An excellent performance data,　　And a really high-profile cross Business Sales report card.　　Ping An said that the macroeconomic environment of the second half of the year is still dominated by the structure, investment will be "stable" word supremacy, looking for more commercial properties and bond investment opportunities. "5 for 1" noncommittal May 2010, deep development officially become China's Ping an associated company. By the end of June, Ping an had occupied 29.99% of the first three major shareholders and gained a profit of 204 million yuan in May and June.　　In contrast, Ping An bank in the first half of 2010 to achieve a net profit of 900 million yuan, it is clear that the deep development of the holding, will be in China's peace to provide a very beautiful profit vision.　　MA, Chairman and chief executive of Ping An group, said the completion of the deep development of investment is only the beginning, China's peace will push forward its ping ' an bank and the deep development of complementary advantages, give full play to the synergy of integrated finance to create more value, "Ping An group will vigorously promote Ping ' an bank and deep development of the reorganization and integration work."　　However, the market is still speculating about the details of the reorganization and integration of Ping An bank and the deep development. The report, which was scheduled to be announced on August 19, was abruptly postponed to August 25, the day of the 2010 Sino-Hong Kong-China news release.　　On the deep development of the delayed release of the newspaper, the market rumors that is due to the lithographic deep integration case, and in 25th, China Ping ' an news conference site, Ping An management of the market speculation on the "25th will be announced restructuring plan" voted negative, the reorganization details are still open. Previously, the most concerned about the deep restructuring rumors: July 23, held in Shenzhen, Ping An Bank of the board of Directors on the integration of the plan passed, the deep development of small shareholders held about 800 million shares of deep development, will be 3.37 yuan/share price, from China Ping ' an cash repurchase or 5 shares of Ping An bank for 1 shares of deep Development equity, That is, 1 shares of Ping An bank equity exchange deep development between 0.18-0.23 shares.　　Rumors that the program has been reported to the relevant regulatory bodies. press conference, when the above speculation was thrown to Ma, he said, "We are in close communication with the management, the information will be disclosed as soon as possible, the specific progress will be issued weekly announcements, we hope to be announced soon."　　He also said the timetable for the restructuring could not be made public for the time being.　　According to the deep development of the Half-year report, the first half of the bank to achieve operating income of 8.496 billion yuan, an increase of 13.42%, to achieve basic earnings per share of 0.98 yuan, the year-on-year growth of 31.23%, a better profit scene. 20 days prior to the suspension of the reorganization, deep developmentStock average price of 17.65 yuan, net assets per share (hereinafter referred to as "PB") is 1.66 yuan.　　China Ping ' an financial adviser CICC the expected price is, ping An bank 1 shares for deep development 0.19-0.23 shares; Deep development of financial advisers Citic Securities gave the expected price is, ping An bank 1 shares in the deep development 0.18-0.22 shares.　　Guotai in July, the valuation report showed that Ping an bank shares in the conversion of PB more than 1.84 times times, after injection, deep development of net income and each share of net assets will be diluted, its shareholders will be difficult to accept, and ping An bank injected deep development of reasonable PB is 1.61 times times.　　Credit Suisse has valued the restructuring of both sides, thinking that 1 shares of Ping An bank can only develop 0.13-0.18 shares. At the press conference, China's Ping An management did not comment on the above details, said Zhang Zixin, executive Director and group general Manager, "We hope that the consolidation will bring more healthy and sustainable benefits to the shareholders of the two parties, and that the consolidation will focus on creating value." "In the press conference, China Ping An focused on the first half of the operating results of the cross sales of the overall contribution."　　The data show that the revenue from the cross sales channel increased by 53.1%; the average daily balance of the bank company's business deposits increased by 111.5%, cross sales accounted for 22%, and 61.9% of the new credit cards came from Cross-selling.　　Peace: Do not let go of good investment opportunities recently, the news of Ping An's bid for AIA was rife.　　At the press conference, China Ping An Executive Director, group general Manager Zhang Zixin on this, said that all the future announcement will prevail. Referring to the new investment direction, he further responded by saying that under the new regulatory policy of the CIRC, Ping An is open to good investment opportunities, regardless of whether the IPO is a new or pre-ipo investment, it will be determined by the attractiveness of each project, "Ping An is a long-term investor, and in the diversification of risk, it is a portfolio investment."　　"For the second half and next year's investment strategy, Ping An said there have been plans to look for opportunities in commercial properties and bonds, and in the future will be committed to diversifying the profit model and keeping the group stable during the economic cycle."　　As the first half of the stock market turmoil, insurance funds investment channels Limited, the first half of Ping an investment income was greatly affected, compared to the same period last year decreased significantly.　　In the first half of 2010, total investment income decreased to 10.365 billion yuan, down 25.6%, total investment yield from 4.8% to 3.7%, and 5-year deposit had no obvious advantage, Ping an semiannual report showed. Ping An said that the decrease in total investment yield was mainly influenced by domestic stock market adjustment. As the stock market fell, Ping an invested heavily in equity investment in the first half of the year and put a lot of money into the bond market. The semi-annual report showed that investment in Ping an fixed maturity was up 3.3%, accounting for 79.3%, while equity investment fell to 8.1% from 10.8% in the same period last year. An increaseA reduction in market shock exposure, but the first half of the bond yield decline, still do not help to significantly boost investment income. Talking about the investment strategy for the second half, Chen Dexian, deputy chief investment officer of Ping An group, was cautious. In his view, the macroeconomic policy environment in the second half of this year is still dominated by structural adjustment, according to the current global and China's economic situation, the short-term interest rate does not have the conditions, in the future may also maintain low interest rates environment.　　In the medium and long term, the market outlook is optimistic after the economic restructuring is completed next year.　　For the investment industry, which may be of interest in the second half of the year, he said, there appears to be more structural industry opportunities, such as energy, wind power, Low-carbon, environmental protection industries will be biased.　　Talking about the possibility of opening up the investment channels for insurance funds, MA that the affordable housing, PE are worth considering investment direction. Take investment in affordable housing as an example, "This is a good idea."　　"Ma that through some medium and long term operation of insurance funds, insurance companies can get rid of over-reliance on capital markets and better maintain asset stability." He believes that the protection of housing size, low prices, and has the prospect of sustainable rolling development, in line with the sustainability of insurance funds, balance of assets and liabilities characteristics.　　But the current policy clearly stipulates that insurance funds can not invest in housing, so the future policy direction is not clear. In the case of private equity, he argues that insurance funds need to take into account liabilities and cash flow requirements and transparency issues, but in the long run they will consider the possibility of investing in PE.