On Breakingviews – Ping An stock repurchase comes with Beijing twist, says cbeddor:
FILE PHOTO: The logo of Ping An Insurance is seen at the Global Mobile Internet Conference at the National Convention Center in Beijing, China April 27, 2018. REUTERS/Damir Sagolj/File Photo GLOBAL BUSINESS WEEK AHEAD
The $190 billion conglomerate said on Tuesday that it would snap up 5-10 billion yuan of its stock, marking its first-ever buyback program. Executives have long argued that shares are undervalued; Refinitiv data shows it trades at around 10 times forward earnings in both markets. Its Shanghai shares are up more than 2 percent over the past year – outperforming an almost 8 percent slump in the local index – but executives still say markets apply an unfair “conglomerate discount”.
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