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野村微降中国太保(2601.HK)目标价至40.44港元维持“买入”评级
格隆汇 08-26 13:47

野村发表研究报告指出,中国太保(2601.HK)上半年寿险业务表现略逊预期,但产险业务平稳,微降H股目标价2.1%至40.44港元,但维持“买入”评级。

野村已调低中国太保2019年度新业务价值增预测3.4个百分点至3%,下调2019-2021年度的内含价值预测2%,但上调2019-2021年度的纯利预测分别22%、15%和15%。

报告指出,中国太保今年上半年寿险业务收入及业务质量均见受压,内含价值半年计仅升7.7%,而新业务价值按年更跌8.4%,两者均低于预期。期内,中国太保税后营运溢利按年增加19%,低于平安人寿的24%增速。野村亦提到中国太保的利率风险敞口可能增加。

不过,野村指出,太保的产险业务维持稳健,承销利润平稳,估计下半年新业务价值可见复苏,按年可升21%,估计下半年产险综合比率依然稳定。

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