China Insurance:Value or value trap?How to position in insurers amid continued volatility;Taiping to
类型：行业研究 机构：高盛高华证券有限责任公司 研究员：Mancy Sun,Thomas Wang,Nan Li 日期：2015-11-26
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How do insurers actually trade?
Our back-testing of insurers’ valuations since 2005suggests there is indeed a cap and floor to insurers’valuations: 1) The cap is the ‘Theoretical FairValue’. The market rarely pays that unless in themost constructive macro environment. 2) The flooris the ‘Distressed Valuation’, where the marketignores growth and the stocks find bottoms at priortroughs (typically, historical average P/EV
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