中金:維持中國信達(1359.HK)“跑贏行業”評級 目標價2.3港元
中金公司發佈報告稱,考慮到近期H股市場風險偏好提升,非不良業務剝離的推進有利於估值修復,維持中國信達(01359.HK)盈利預測不變,上調目標價9%至2.30港元,並維持其“跑贏行業”評級。
該行稱,2019 年12月13日信達公告完成上海聯合交易所掛牌程序,與誠泰保險及東莞交投集團簽署產權交易合同,代價75億元,與此前掛牌底價相同,目前待銀保監會批准。該行表示,假設2020年幸福人壽完成轉讓,根據公告,公司將獲得約75億元現金,用作一般營運資金或未來潛在投資。考慮幸福人壽不再並表後,公司將出現税前利潤44.2億元,相當於該行2020年税前利潤預測的19%。

該行還稱,考慮到不良資產管理行業存在的必要性,尤其是在目前宏觀經濟存在不確定性、嚴控槓桿風險、金融供給側改革的背景下,該行認為,長期來看,信達作為內地不良資管行業的龍頭,業務機會頗多。另外,該事件標誌着信達聚焦不良主業、非不良板塊瘦身的落實和推進。
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