$PING AN (02318.HK)$ I hold Ping An at an average cost of $6...

- No point of exiting, current price point of $53 its already too late for me. Should have done so on $59.

- The drop really is more of sentimental reason due to Evergrande and slower than anticipated China economy growth, and most importantly overall pessimistic mood of HSI.

- In longer run (4-5 years), still looking forward towards its insurance agent quality reform. Given the drastic drop in agent quantity (~15%), its revenue loss of (~1%) seems commendable to me.

- Core margin solvency ratio @230.9%, way way more higher than 50% regulatory requirement. Particularly important especially after Evergrande fiasco.

Ping An's investment portfolio:

- Its investment portfolio consist mainly bonds of AA and above (>99% of its bond holding). Bonds accounts for ~68% of its investment portfolio (I think its a bit overly conservative, but its probably good for this kinda uncertain climate).

- Its equity portfolio ~16% of total port. Based on Annual Report, property sector accounts for ~1% of total port.

Hence, I think allegations that Ping An's property investment portfolio is a failure is overblown. Even at extreme stress case where its property portfolio blows off completely, it should only impact 1 or 2 quarters of its net income. But if that scenario ever comes, not only Ping An, the entire China economy will fall.

Comfort is also drawn that Ma Ming Zhe (CEO) and his team just increased their stake in Ping An on early Sep 2021, a vote of confidence in the Company they ran.

But given the market's sentiment (albeit irrational), i think it would probably further fall to a support level of $49. I will time my reentry ard $45~50. And another 500 unit every subsequwent 10% fall again.