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《大行報告》野村下調太保(02601.HK)目標價至30.13元 評級「買入」
阿思達克 11-02 10:34
野村發表研究報告,指太保(02601.HK)首三季純利按年跌14%,意味第三季純利按年跌20%,遜預期,而第三季淨資產升14%,符預期。首三季及第三季年化股權回報率分別為14%及11%,均較去年同期低5個百分點,主因今年準備金增加與去年稅率轉變的影響。

該行指,公司人壽保險業務增長轉弱的情況在第三季持續,代理首年保費跌31%,令新業務價值增長下跌;財險方面第三季保費增長21%,但料下半年利潤仍受壓。

該行降2020-22年新業務價值分別12%、9.2%及9%,降盈利預期分別11%、6.3%及6.6%,淨資產分別降1.5%、1.6%及2.1%,目標價降1.6%至30.13元,評級維持「買入」。

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