《大行报告》汇丰研究下调中资保险股目标价 指平安及财险为行业喜爱股份
汇丰研究发表报告,指仍然对内险股长期具结构性吸引力抱正面看法,但目前仅低估值的因素未足以支持更乐观看法,目前低息和市场波动仍是宏观面的不利因素,而由下而上的基本因素亦未见突出。
该行指,内险股的偿付能力比率仍然维持舒适的水平,不过若监管要求进一步明显提高,则需要通过发行债券或削减股息作改善;而资产方面的压测显示,则反映今年的股本较目前的基本情境估算低15-38%,而内含值亦低14-24%。
该行又指,寿险的新业务价值前景未见亮点,预期下半年前业务量不大可能复苏,影响产品和代理策略。投资回报方面虽然暂时保持,但整体及净回报前景看来仍具挑战性。
该行普遍下调内险股目标价,行业内喜好中国平安(02318.HK)和中国财险(02328.HK)。
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