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大和:降太保(2601.HK)目标价至34港元 维持“持有”评级
格隆汇 08-28 12:54
大和发表报告指,上半年中国太保(2601.HK) 之寿险业务新业务价值(VNB)按年下跌8.4%,表现令人失望,主因首年度保费(FYP)疲弱及新业务价值的利润下跌所拖累。公司管理层更拒绝评论今年整体新业务价值是否仍然维持正面增长指引。
该行建议投资者不要对中国太保的“ 国企改革 ”主题过度兴奋,因为相关措施详细和时机非常不确定。该行上调太保今年每股盈利预测18%,以反映一次性税项影响,惟因利率下降的预期,降其2020至2021年每股盈利预测2%至5%。该行维持太保“ 持有 ”评级,而因下调其今年新业务价值至零增长,故目标价由34.5港元降至34港元。
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