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瑞信:維持太保(2601.HK)“跑贏大市”評級 目標價38港元
格隆匯 01-20 16:27

瑞信發表報告指,中國太保(02601.HK)公佈去年人壽保費收入增長5.5%,意味去年12月增長為1.1%。而去年第四季代理團隊首年保費錄得32%下跌,主因自去年12月將優先項目轉為首季預售(jumpstart),及對上一年同期的對比基數較高。

該行預期,太保去年的新業務價值下跌8.7%,意味去年下半年錄得9%的降幅。在人壽業務自去年年中管理層改變後,瑞信預料集團今年新業務銷售增長將有好轉。而集團業務勢頭亦估計可在今年第一季提升,主要由於年初至今的開年銷售趨勢穩固,及相對較低的比較基礎。

瑞信維持對太保的“跑贏大市”評級,目標價38港元,認為集團是有質素的企業,其聚焦價值及有一致的股息政策,但其可能在倫交所發行全球存託憑證(GDR)或會為股價表現造成威脅。

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