中金:下调新华保险(1336.HK)目标价至46港元 维持“跑赢行业”评级
中金发表报告称,新华保险(01336.HK)公布2019年半年报,新业务价值同比下降9%,低于市场预期9%。内含价值较年初增长11%,略微超过市场预期,归属母公司净利润同比大幅增长82%。目前新华保险-A/H交易在0.8/0.5 倍 2019 年 P/EV,该行维持公司跑赢行业评级不变,但考虑到下半年新业务价值增长压力加大,下调新华保险-A/H目标价10%、12%至60元人民币和46港元。

该行表示,新华保险新业务价值低于市场预期,主要由于银保新业务价值预期以外的大幅下降64%,而代理人渠道新业务价值同比下降3%,基本符合预期。内含价值较年初增长11%,略微超过市场预期1%,主要由于投资偏差强于预期。净利润同比大幅增长82%,主要由于保险行业税收新规带来的18年税收返还。
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