大和:下調新華保險(1336.HK)目標價至32港元 維持“持有”評級
大和發表研究報告指,新華保險(1336.HK)的產品組合將轉向更多年金和一次性保險產品,預料未來利潤率下降,需要大量財務資源。大和下調新華保險目標價8.57%,由原來的35港元降至32港元,維持“持有”評級。
大和表示,除了關注重大疾病及醫療附加險的產品,新華保險亦將在代理渠道中,增加年金等長期儲蓄產品,並在銀行保險渠道中增加單保費產品。同時,集團的目標是增加代理人數,並估計2019年底的代理團隊將增加至50萬,按年增長35%。因此集團計劃安排更多的培訓、銷售更多的年金產品,以及為招聘人手分配更多資源。銀行保險亦將成為未來的重要渠道,不過管理層亦提到公司對銀行的議價能力及控制能力較弱。
該行指,由於較低的全年新業務價值預測等,因而將集團的目標價下調。同時鑑於利潤率可能會下跌和支出亦會上升,野村將集團的2019至2021年的盈利預測下調2%至8%。相對於市場,該行對集團的代理商增長更為樂觀,但對其戰略執行方面就未有太樂觀。

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