《大行報告》大和下調復星國際(00656.HK)目標價至14元 評級「買入」
大和發表的研究報告指,復星國際(00656.HK)去年淨利及每股派息均穩定按年增長10%及8%,管理層表示在現時金融市場環境下有意尋找好的投資機遇。該行指出留意到疫情拖累旅遊及零售活動,為公司的「快樂」板塊帶來了即時影響,管理層指影響主要集中在海外的渡假村,而復星文旅今年首兩月收入仍錄正增長。此外,公司的健康板塊亦受惠醫藥方面的強勢及藥物分銷等,公司亦正在醫療健康行業尋找併購機會。
在財富業務方面,歐洲爆發疫情但相關的醫療開支毋須保險索償,保險公司僅需承擔檢測費用,情況與內地相似,該行相信疫情爆發為公司開發內地線上渠道帶來機會,認為公司在內地的保險業務採取健康及保險相關策略,而在銷售及客戶互動上亦有採取更多線上舉措。
該行重申對公司「買入」評級,但就將目標價由16.5元降至14元,以反映宏觀經濟不確定性所帶來的影響。(el/k)
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