HSBC：汇丰-中保国际深度报告

HSBC：China Insurance Intl Hldg 12.11

（４８页）　12.11　　英文

CIIH is a unique proposition: a long established, profitablereinsurance company funding two new mainland insurers．．．．．．．．．．

好货不便宜．谨慎出手

　　　　　　　　　　　　　　　　　　　　Contents

Summary and Investment thesis 3
A unique proposition 3
From start up to profitability – the catalyst for a
share price of up to HKD13 4
Is bancassurance a risk? 4
Valuation and Rating: looking for the next catalyst 5
Comparative valuations and
companies mentioned in this
report 7
Group overview 8
Company profile 8
A brief history 10
Corporate Governance 11
CIIH: a unique proposition 11
Tai Ping Life 13
Demolishing myths 13
Competitive position 20
Earnings and outlook 21
Tai Ping Insurance 27
Dominated by auto 27
Competitive position 31
Earnings and outlook 32
China International Re 34
The bed-rock of CIIH 34
Earnings and outlook 35
Forecast, valuation and risk 37
Consolidated earnings and 38
balance sheet 38
Valuation 39
Risks to Rating and valuation 40
Disclosure appendix 44
Disclaimer 47

[此贴子已经被作者于2007-1-1 15:27:54编辑过]