《大行報告》大摩料內險股中期盈利及新業務價值弱 調整相關股份目標價
摩根士丹利發表研究報告,內地第二季壽險銷售減幅放緩,因期內社交距離規則逐步放寬,惟料不會出現V形復甦,預期上半年只有中人壽(02628.HK)和人保(01339.HK)錄新業務價值(VNB)按年增加,預料整體稅前盈利平均難有明顯增長,主因儲備估值率的不利走向以致需要提高儲備,而去年大量一次性退稅的因素則令行業稅後盈利會有較大下降。該行對內險股的目標價作出調整(詳見附表)。
該行料中人壽及人保上半年VNB按年升8%,而新華保險(01336.HK)、平安(02318.HK)、中國太保(02601.HK)及中國太平(00966.HK)按年依次跌10%至28%,但對下半年增長維持正面看法,並預測全年計能錄2%-16%增長。
財產險方面,中銀保監公布首五個月汽車綜合成本率為95.8%,較去年跌2.8個百分點,反映上市汽車保險企業的承保盈利至少增加50億元人民幣,應可抵銷因疫情而造成較高信貸成本有餘,相信上半年各險商的綜合成本率都有改善。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.