摩通:重申中國信達(1359.HK)“優於大市”評級 目標價2.25港元
摩根大通發表研究報告指,中國信達(1359.HK)以75億元人民幣出售幸福人壽之50.995%股權,價錢比行業平均高,相信對公司是正面催化劑,顯示公司正重新聚焦於不良資產管理業務的策略。維持其目標價為2.25港元,並重申“優於大市”評級。
摩通指出,自2017年以來,幸福人壽一直是公司業績的主要障礙,2017年幾乎未能收支平衡,而2018年淨虧損68億元人民幣,因此通過出售權益,相信信達可以提高淨利潤,實現更好的年期配對,並減輕對資本實力的擔憂。
另外,摩通指出,儘管金融風險逐漸消退,當前中國信達的估值仍處於低谷水平,城鄉商業銀行不良貸款率的上升令信達可能會在業務上獲得定價權。

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