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高盛维持中国平安(2318.HK)“买入”评级列于“确信买入”名单
格隆汇 08-09 11:49
高盛报告指中国平安(2318.HK) 将于8月15日公布上半年业绩,预期新业务价值升4%至400亿元人民币,相等于第二季升1%;经营利润升14%,纯利升55%,财险综合比率为97.6%,升1.8个百分点,及预期中期派息每股0.71元人民币,升14%。
该行指,预期新业务价值于第二季相对平淡,相信投资者应聚焦其基本增长动力,包括聘请代理、改善代理的生产力、产品利润等。该行亦关注公司的资本和派息政策,例如内地风险导向偿付能力体系(C-ROSS)的持续修改对平安人寿资本充足率的影响,及A股回购的最新情况等。
该行调整预期,以反映第二季新业务较预期缓慢和一次性退税,降2019-21年新业务价值预测2%-6%,税后经营溢利预测降5%-11%,目标价由116港元降至115港元,维持“ 买入 ”评级及列于确信买入名单。
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