《大行报告》瑞银降太保(02601.HK)评级至「中性」 目标价上调至25.3元
瑞银发表研究报告,下调中国太保(02601.HK)投资评级,由「买入」降至「中性」,指其股价自3月低位反弹32%,跑赢内险板块15%。该行对太保派息主题保持正面看法,但认为其新业务复苏或落後同业,主因瑞银未看到其代理渠道改革有重大进展。
报告表示,太保未有披露首季新业务价值(NBV)数据,但其首年度保费录31%跌幅,则逊市场预期,及落後主要上市内险商。太保首季税後纯利升53%至84亿元人民币,主因佣金下降及去年同期税费基数较高,但料税费对按年纯利增长的基数影响将自次季起消减。
瑞银上调太保目标价,由22.2港元升至25.3港元,源於内地疫情稳定,将其信贷资产折让幅度由30%收窄至20%,并补充其现价相当於预测今年经调整股价对内涵价值比率0.9倍,估值与同业相若,但NBV动力明显较弱。
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