大和:維持對內險行業“保守”看法 推薦友邦(1299.HK)及中國財險(2328.HK)
大和發表研究報告稱,今年首季內地壽險的新業務價值及代理增長表現疲弱並符合預期,該行對部分壽險公司的淨利潤感到意外,但或不會在今年餘下時間持續,又預計第二季新業務價值將會穩步反彈。
該行稱,年初至今,對內險行業維持“保守”看法,留意到近期中國人壽(2628.HK)及中國太保(2601.HK)有一些交易機會。整體而言,該行繼續推薦友邦保險(1299.HK)及中國財險(2328.HK)。
該行表示,自4月以來,由於恢復線下活動、首季度需求延遲及低基數效應下,部分保險公司的新業務發展趨勢有所回升,特別是國壽、中國太保、中國太平(0966.HK)及友邦保險尤其顯著。
儘管受到股市的不利影響以及儲備增值壓力,中國太保及新華保險(1336.HK)首季淨利潤仍有雙位數增長,主要是由於對投資收益的確認額較大。此外,該行認為儲備增值壓力將越來越大,加上由於税收減免,去年第二季的基數較高,因此全年的淨利潤仍充滿挑戰,並可能會削弱將股息與淨利潤掛勾的公司的股息前景。
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