美银美林奥园(3883.HK)购百年人寿效益不确定评级维持“买入”
美银美林报告指,奥园(3883.HK)收购百年人寿股权未改变公司业务增长组合,而收购价格已反映所有潜力,且业务多元化的效益并不确定。但收购规模为公司可管理范围内,不会令公司盈利增长脱轨,因而维持“买入”评级与目标价12.3港元。
美银美林认为,奥园投资人寿业务与其健康住宅项目管理相符。由于百年人寿总部位于中国东北,与奥园渠道收入集中于中国南方有别,收购或提升百年人寿的销售渠道。
该行指,收购价相等于百年人寿4.1倍2019年首季市帐率,与绿城去年底购入百年人寿股份时相若。中国平安现价为2.4倍2019年首季市帐率,因而视有关收购价已反映百年人寿潜在增长。
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