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野村:降人保(1339.HK)目標價至3.62港元 維持“買入”評級
格隆匯 03-30 12:22

野村發表研究報告指出,中國人民保險集團(1339.HK)去年純利上升71%,略高於野村預測,主要受惠於一次性退税及投資回報改善,不過信用保證險卻錄得承保虧損28.84億元人民幣,令財險業務承保利潤大減40%,野村已將人保H股的目標價調低14%至3.62港元,以反映信用保證險之風險,但維持“買入”評級不變。

報告指出,人保末期息派0.116元人民幣,按年大增154%,相當於23%的派息率和5.4%的股息率,為一大驚喜。

報告又提到人保去年壽險業務的新業務價值增加9%,車險業務大為改善,承保利潤倍增,野村估計,人保車險利潤繼續可觀,但擔心信用保證險之表現,並憂慮今年承保盈利能力持續惡化,而新冠疫情也將為人保的資產質素帶來挑戰,野村已將公司今年綜合成本率預測提高1個百分點至98.5%。

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