Ping An: Growing Peacefully

Roshan Padamadan presented his in-depth investment thesis on Ping An (Hong Kong: 2318, Shanghai: 601318) at Asian Investing Summit 2016.

Ping An represents a way to gain exposure to China’s growing domestic wealth. Insurance is a long-gestation business. Higher penetration is inevitable as society matures, as insurance is a key need for families and corporates. Ping An is an insurance giant in China, giving exposure to rising wealth management needs in China. The company’s investment policies are sensible, i.e., forward‐looking but not too aggressive. There is optionality due to exposure to online lending, online insurance, and apps to adapt to new modes of business. The company has limited international exposure. The company has an asset base of $0.7 trillion. It is 32%-owned by Thailand’s CP Group (stake bought from HSBC). Roshan estimates that Ping An can compound value in the mid-teens annually over the next decade. As a result, the recent price-to- book ratio of 1.6x remains attractive.

About the instructor:

Roshan Padamadan is Fund Manager of Luminance Global Fund, which has a global unconstrained investment strategy, looking at special situations and deep value. Prior to launching Luminance in 2013, Roshan spent more than seven years with the HSBC Group, including more than three years with HSBC Asset Management, as a Product Specialist. He worked for the highly commended Offshore Indian Equity team which ran US$5+ billion from Singapore, including a US$100+ million award-winning India hedge fund. Roshan has earned an MBA in Management from Indian Institute of Management, Ahmedabad. He holds the CFA, FRM and CAIA charters and speaks over five languages.

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