大和:保險板塊中首選友邦(1299.HK)、財險(2328.HK)及國壽(2628.HK)
大和總研發表研究報告指,由於香港社會長期動盪,友邦(1299.HK)的投資者意見分歧最大,而該行調高中國財險(2328.HK)投資評級則獲海外投資者好評。另外,該行看好中國人壽(2628.HK)多於中國平安(2318.HK)及中國太保(2601.HK)與市場共識相反,料會面臨投資者的挑戰。該行在中國保險板塊中,首選友邦、中國財險及中國人壽。
大和表示,友邦一部分的投資者因宏觀經濟的不確定性而沽售,而一部分投資者則認為友邦的股價受到過份調整,因社會事件對其的影響只是暫時性。該行指,由於友邦的新業務價值(VNB)在今年社會動盪的環境下仍能達雙位數的增長,故認同友邦過分調整。
另外,大和指近來愈來愈多投資者對投資中國人壽的興趣增加。而該行對中國太保與市場不一致的“持有”評級亦愈受投資者接受,主要由於投資者對國有企業改革的政策驚喜減少。
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