美銀證券:予中國平安(02318.HK)“買入”評級 目標價117港元
美銀證券發表研究報告,恢復中國平安(02318.HK)“買入”評級,予目標價117港元,相信公司在長遠策略、保險增長、零售、交叉銷售及科技上均為行業領導,視平安為零售金融服務供應商多於純險企,而其非保險業務未來亦將帶動收入增長及估值。縱使面對環境挑戰及規模增長放慢等的影響,該行相信其長期增長展望及策略維持有效,而負面影響部分可被利潤提升所抵銷。
該行指出公司管理團隊有豐富經驗,同時亦有清晰的策略及很強的執行能力,是帶動公司新業務價值和企業增長的重要因素,平安股本回報率企穩在16%的水平,高於行業平均的10%,相信未來亦可繼續帶動保險及其他業務方面的增長。在核心業務方面,該行估計平安人壽增長可繼續領先同業,主要因為其經紀有130萬人,而產品組合亦有改善。此外,平安有很強的零售網及生態系統,可支持跨平台銷售,料未來兩年每名客户平均合約量將由2.6份提升至3份,而公司在科技及投資上有領先的表現,亦有助保險業務的擴張。

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