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野村:維持中國太保(2601.HK)“買入”評級 目標價30.61港元
格隆匯 08-24 15:47

野村發表研究報告指出,中國太保(2601.HK)中期純利按年下跌約12%至大約142億人民幣,比野村估計低26億人民幣,但綜合收入及資產淨值卻符合預期,野村維持中國太保H股“買入”評級及目標價30.61港元不變。

報告指出,中國太保上半年税後營業溢利按年上升28%,比野林估計高出約8%,壽險業務新業務價值按年下跌25%,勝預估3%,但未計資本成本前的新業務價值下跌30%,相信業務價值動力與野村估計相符。野村提到中國太保產險業務的綜合成本率下跌0.3個百分點至98.3%,亦大致與野村估計相若。

野村預期,隨着新冠肺炎疫情影響減弱,中國太保下半年的壽險業務增長率會逐步回升,因此預期全年新業價值表現會改善至按年減少14%,即下半年新業價值上升3%。至於產險業務方面,鑑於車險改革前,市場競爭加劇,估計中國太保將可持續提升市佔率,但下半年承保盈利能力會較上半年弱,維持全年綜合成本率為98.8%的預測不變。

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