里昂:維持太保(2601.HK)“跑輸大市”評級 目標價32港元
中國太保(2601.HK)
公佈建議發行GDR,里昂發表報告認為,若GDR價格相對於基本A股有實質性的折讓,或會為投資者帶來套利機會,因將來理論上GDR可於上交所進行贖回及出售,因此會對太保A股表現帶來壓力。
該行補充,對太保H股而言,由於兩地交易所缺乏轉換機制,H股理應不直接受到影響。但是從根本上説,這種集資方式難以理解,因保險公司慷慨的派息表明其有足夠的資本,因此發行GDR看起來更像是一項國家任務。
整體而言,里昂相信太保現價已反映利好因素,反而目前估值更是阻礙該行對其前景看得更樂觀。該行予其人壽業務2020年預測市帳率3.4倍,在減息及新保費增長缺乏可見性的情況下或會變得脆弱,維持其H股“
跑輸大市
”評級及目標價32港元。
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