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《大行報告》大和上調中國太平(00966.HK)目標價至21元 評級「買入」
阿思達克 12-08 11:00
大和發表研究報告,指出中國太平(00966.HK)的營運及策略都正處於轉捩點,首年保費、新業務價值(VNB)及VNB利潤率都處於增長軌跡,認為及至2021年的首年保費及VNB利潤率仍會持續復甦。

該行相信,市場對於中國太平上半年的VNB利潤率差過同業感到失望,主要是因為其首年保費跌幅大過同業及開支超額所致,而不是產品設計或精算假設等企業特定問題。由於其首年保費表現或會在2021年出現轉勢,因此預計其VNB利潤率都會回復正常。

另外,相信其2021年的純利會受惠於多項利好因素,包括國債收益率上升,因而紓緩儲備額外壓力;其投資組合擴張加快;人民幣升值等。重申其「買入」投資評級,目標價由原來的19元上調至21元。

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