Stocks Pick

Frank2.0G 說:
662 525
Kuin@Yoga 說:
uhm
525 for hugh way ?
Frank2.0G 說:
662 = outstanding board, cheap valuation, sound business, good prospect on PICC Life investment.
Kuin@Yoga 說:
why 2328 is better than 2628 and 2318 now?
read teh 5 year chart
Frank2.0G 說:
525
It should be a main beneficial of railway reform, both in the form of passenger rate hike(14yrs unchanged already), and asset injections from highly indebt MOU. With valuation now at low teens PE.
Kuin@Yoga 說:
why its price underperform ?
Frank2.0G 說:
525, because nothing realized yet. Mkt regarded it as a no-grower, and it is underweighted together with 1800, 390, 1186. As ibanks analyst see them as a sector. While actually they are operator and builders , respectivily.
Kuin@Yoga 說:
uhmuhm~~~~ ~~
gooooooooooooooooooooooood story
Frank2.0G 說:
2328 is a high beta to short-term interest & A-stock mkt. And the only P&C insurance corp listed in the China universe, which leads to high vol.

Recently, P&C insurance industry in introducing extra loading on driver with bad record, which will improve underwriting perfermance. This together with interest rate going up, 2328 outperform recently.
Kuin@Yoga 說:
high beta to short-term interest & A-stock mkt , what mean?
Frank2.0G 說:
it 's price is quite demanding, now @ 3x B
Kuin@Yoga 說:
it 's price is quite demanding, now @ 3x B , means still okay?
Frank2.0G 說:
投資表現大受短期利息及A股表現影響, 股價受盈利(投資表現)左右，所以波幅很大
Kuin@Yoga 說:
but all insurance sector performance is linked with investment performance
and also a share performance
Frank2.0G 說:
2328 is selling @ 3x PB. 但股本回報只有10-15%，作為buy-side ，很難買得落手
P&C is much more sensitive on interest.
and underwriting.
Kuin@Yoga 說:
作為buy-side ，很難買得落手= expensive ?~~?
Frank2.0G 說:
I think so.
Kuin@Yoga 說:
if your expertise at fiancial sector~?~~
Frank2.0G 說:
Compare with peers on 09 interim figures,

2628=P/EV =3.23, pure life.
2318=P/EV=2.68, life+P&C +bank
2601= P/EV= 2.49, life 33% , P&C 66%
2328=P/B 3.05

2328=P/B 3.05 P&C

Kuin@Yoga 說:
uhmuhm so 2318 is nicer~?
Frank2.0G 說:
given there quality is somehow near. 2328 won't be a pick
2318 maybe, but it has a high portion on bank(which is given lower valuation by the mkt), and overall management performance is in doubt , with it's business mix & fortis deal.
Kuin@Yoga 說:
uhmuhm
Frank2.0G 說:
There is 966 left. But it's focus is reinsurance, which is highly cyclical. At this moment, mkt think it's a high-grower, I doubt.
Kuin@Yoga 說:
Good Good~~~
how u cal the p/b?
if you find in on net or u cal by urself?
Frank2.0G 說:
better on primary data.
Latest shares outstanding with latest interim/annual.
Kuin@Yoga 說:
primary data is what ?
Frank2.0G 說:
I prefer to use historial rather than yr-ended forecast, which is ibanks perference(of coz, it always look cheaper on 2010E or 11E)
Kuin@Yoga 說:
UHMUHM
Frank2.0G 說:
primary data = releases by the corp. , on HKEX. web.
secondary data= ALL non-primary.
Kuin@Yoga 說:
uhmuhm~~
Frank2.0G 說:
secondary data may be wrong, but we don't know when & how it will be wrong and sometimes outdated.
Kuin@Yoga 說:
uuhmuh~
\learnt~
Frank2.0G 說:
Pls let me know if u find something is good to buy/sell.
Kuin@Yoga 說:
yes
very good
337
but not this moment to buy
Frank2.0G 說:
I never blame on stocks.
Kuin@Yoga 說:
just base on the high way network concept and find 337 can be a black horse
Frank2.0G 說:
i c. Thx. My friends said the quality of its project is good, one of them see it on-site.
Kuin@Yoga 說:
ur friend look at property ?
the short term catalsy will be its hainan project after its latest interin .
Frank2.0G 說:
Oh, I don't know. one of them mentioned to me b4, but I forgot which one......only the stock.
Kuin@Yoga 說:
1777
1238
Frank2.0G 說:
My view on 內房. 比較保守，認為內地一方面銀根趨緊， 擊購買力，同時房企仍相當亢奮圈地，不買中央的帳，是迫中央下重手。加上未來6-12個月的新增供應頗多，資金可能會在本已偏緊的情況下積壓。我相信這有機會是內房股的週期性高點，比較小心。
不過手上的662/711多多少少也有涉足內房....
Kuin@Yoga 說:
so doesnt say to buy now ma
after u take profit from 662
then u can think think
662 will release its result soon~
Frank2.0G 說:
yes
Kuin@Yoga 說:
財險(02328-HK)母公司去年保費收入升24%，將擇機上市




財華社香港新聞中心。

中國人民保險集團公布，集團於09年實現保費收入1,782億元(人民幣,下同)，按年增長23.5%，優於行業平均增長9.6%；人保集團旗下的財產險實現保費收入1,195億元，按年增長17.5%，市場份額保持在40%；而壽險實現保費收入524億元，按年增長82%。

人保集團總裁吳焰稱，去年9月完成了整體改制，已成為國家控股的股份公司，現正在運作引進戰略投資者，並擇機公開上市。



Frank2.0G 說:
3/3 公佈，多數收市後
Kuin@Yoga 說:
will u receive CS reports regularly?
Frank2.0G 說:
今年underwriting 常同投資都會好好。重點是人保壽險的新動態，同派息
Kuin@Yoga 說:
派息??
Frank2.0G 說:
CS sometimes, 個fd有時會send 俾我
不定期，大概是太忙吧
Kuin@Yoga 說:
i like the inflation expection firing concept ~~~ so i wanan pick an insurance related story~~~
Frank2.0G 說:
For me, it would be 662 & 2601