野村:降新華保險(1336.HK)目標至41.32港元 料低息環境成主要挑戰
野村發表研究報告指,新華保險(1336.HK)去年業績低於該行預期,並指低利率將成集團的主要挑戰。該行下調新華保險H股目標價9.6%至41.32港元,主要由於將長期內含價值營運回報預測下調100點子至13%,以反映其業務利潤率下降趨勢,評級維持“買入”。
野村表示,去年新華保險的內含價值按年增長18.4%至2050億元人民幣,較該行預期低0.7%;新業務價值跌19.9%,較預期低11%。在高級管理層人員改組及業務戰略調整期間,去年是非常艱難的一年。
該行預料,由於新型冠狀病毒疫情爆發前的開門紅銷售表現強勁,相信集團今年的新業務價值將按年增長7%。不過,低利率環境或成未來的主要挑戰,因為人行可能需要採取一系列的寬鬆政策去支持受疫情打擊的企業及家庭。

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