According to the 2021 annual report, Ping An of China has an embedded value of 1.4 trillion yuan, a net asset of 1.08 trillion yuan, a current market value of 850 billion yuan, a PE of 8.9 times, and a stock price of 46.5 yuan, which is lower than in 2007, and its valuation is also at the lowest level in history.
It can be seen that the price range of 40-50 should be the bottom of Ping An in the medium and long term. Buying at this price may not necessarily rise sharply within two years, but the possibility of falling is extremely small. In the current market environment, as a defensive configuration is necessary.
In 2021, Ping An will distribute dividends to shareholders, with a cash dividend of 2.38 yuan per share, an increase of 8.2% year-on-year, a total dividend of about 43.5 billion yuan, and a dividend rate of about 5.3%. It is worth mentioning that this is the 10th consecutive year that Ping An has increased cash dividends.
Limited to this ten years, the dividends in 2011 will be 3.64 billion, and in 2021 it will be 43.3 billion, an increase of 11.9 times in 10 years, with a compound growth rate of 28%, high dividends and low valuations, waiting for the rose to bloom.
Dividends are linked to operating profit, and Ping An’s operating profit growth rate is about 8% to 10%, so the compound interest growth of dividends should also be at this level. Therefore, if you don’t expect the stock price to rise sharply in the short term, with both high dividends and a good margin of safety, a Ping An of 40-50 yuan is indeed a very good choice.
It is only a personal opinion. Mentioning stocks is not a recommendation for buying and selling. Please judge the risks by yourself. @Today’s topic $XD China Ping (SH601318)$ $ Industrial Bank (SH601166)$ $ PICC (SH601319)$
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