Study on the Investment Value of Ping An Bank

• Main Authors: Tao Jiang, 江濤
• Other Authors: 李吉仁
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/02642288843828703720

碩士 === 國立臺灣大學 === 臺大-復旦EMBA境外專班 === 103 === With the deepening of China’s financial reform, various types of capital operation between commercial banks have become more and more frequent. In order to effectively implement these activities, accurate assessment of the value of commercial banks has become a primary problem. Taking Ping An Bank as the research object, this paper carries out a detailed study on its investment value. Specifically: First of all, This paper conducts an all-round analysis on China’s financial and economic environment, the banking industry, as well as the current situation of Ping An Bank, and holds that the external environment confronting Ping An Bank is full of both challenges and opportunities; meanwhile Ping An Bank has formed its own core competitiveness; in view of the relatively obvious advantages boasted by Ping An bank itself, it will have adequate capability to exert its advantages to create value by to seizing the opportunity, while alter the inferior position and avoid risk, and achieve greater development in six major business areas such as retail business, capital business, investment banking, small business financial services, and comprehensive financial business. Secondly, based on the third quarterly report for 2014 announced by Ping An Bank, this paper carries out a detailed study on the from the financial condition of Ping An Bank from the perspective of assets status and profitability, accompanied by comparison with the other 15 listed banks. The comparative analysis reveals that the supervision index of Ping An Bank are in line with the state supervision requirements, and Ping An Bank is a commercial banks with relatively optimized assets and liabilities structure, stable asset quality, strong profitability, and scientific risk control ability, exhibiting relatively fast growth. Under the guidance of forward-looking and scientific corporate strategy, Ping An Bank boasts rather huge development potential. Thirdly, this paper adopts the income approach and market approach respectively to assess the value of Ping An bank. According to the income approach, the value of Ping An Bank stands at 19.20 Yuan per share; while according to the market approach, the value of Ping An Bank stands between 11.61 Yuan to 13.38 Yuan per share. On March 9, 2015, the closing price of the share of Ping An Bank is 14.15 Yuan indicating that its share price is within reasonable scope of investment. Finally, based on the above findings, this paper evaluates the investment risks facing Ping An Bank from the perspective of macro economic risk, the risk of monetary policy, the risks confronting the banking industry, as well as the risks interfering the development of Ping An Bank, thus providing reference and recommendations for potential investors.