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交銀國際:升新華保險(1336.HK)評級至“買入” 目標價37.5港元
格隆匯 02-06 15:16

交銀國際發表報告,將新華保險(1336.HK)評級從“中性”上調至“買入”,目標價維持37.5港元。

該行稱,新華髮業績預告,預計2019年歸母淨利潤同比增長80%,扣非後歸母淨利潤同比增長60%,增速好於預期;預計2020年代理人仍將保持較快增速,且公司2019年第4季度已重新恢復銀保躉交,即一次性付清渠道,預計2020年在銀保躉交保費的推動下,保費增速將保持快速增長。

該行預計,公司全年新業務價值率同比降幅繼續擴大,2019年新業務價值同比下降10%,預計2020年增速回升至約7%。該行還稱,根據新華的“二次騰飛”的戰略,短期內保費收入增長將加快,但新業務價值率將呈下降趨勢。

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