Sina Port Stock News, August 18, reported that Ping An of China rose against the market today. As of press release, it rose 3.03% to 61.15 yuan. The stock price hit a new high since listing, rising nearly 60% this year.
Ren Huichuan, general manager of Ping An Insurance Group of China, said that although Ping An's stock price has risen 55% since this year, it is still underestimated because the company's technological impetus and expanding Chinese consumer base will drive rapid growth. He said that Ping An's price-earnings ratio measured by the latest data is only slightly higher than 10 times, which “doesn't match” the growth in value and profit of the new business, let alone the upgrades that future technology can bring.
Ping An of China released its semi-annual report on the evening of the 17th. In the first half of the year, the company achieved revenue of 463.765 billion yuan, an increase of 23.15% over the previous year, and net profit attributable to shareholders of the parent company was 43.427 billion yuan, an increase of 6.5% over the previous year. The company plans to pay an interim dividend of 0.50 yuan per share in cash to shareholders, an increase of 150% over the same period last year.