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《大行報告》大摩升內險股行業評級至「吸引」 全線升目標價
阿思達克 12-04 12:01
摩根士丹利發表中港保險業明年展望報告表示,估計隨著內地利率上升及A股市場穩定,估計內地明年保險銷售可望加速,行業會趨正常化,料內險股將可跑贏大市,決定上調內險股行業評級,由「符預期」升至「吸引」。

就內地壽險業前景方面,該行估計新冠疫情令行業在今年保單銷售及利潤率受壓,但該行相信內地人口增長,醫療費用上漲和內地居民財富持續增長,家庭仍需分配更多資金用於養老金儲蓄和健康保險,可支持行業保單銷售及毛利正常化,從以推動險企盈利增長。

大摩預測中國的十年期政府國債收益率約3.5%,預計A股明年將保持穩定(料回報率為10%)。這些均可為內險股提供一個容納具有更高估值潛力的運營環境。該行指明年喜愛中國壽險股多於財險股。

該行指,中資保險股首選中國太保(02601.HK)(營運具質素、低基數及具股息支持)、中國平安(02318.HK)(具良好業務、壽險業務轉型、作科技投資)及中國財險(02328.HK)(低估值、料有穩定增長率及高股息)。

大摩全線內險升目標價,上調對中國太保目標價由32元升至41元,維持「增持」評級;調高對中國平安目標價由118元升至121元,維持「增持」評級;上調對中國財險目標價由11元升至12元,維持「增持」評級。

該行亦上調對國壽(02628.HK)目標價由18元升至20元,維持「與大市同步」評級。

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