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野村:升中國太保(2601.HK)目標價至36.49港元 維持買入評級
格隆匯 12-21 13:06

野村發表研究報告,將中國太保(2601.HK)目標價由30.13港元調高至36.49港元,維持買入評級。

野村下調對集團2020財年新業務價值預測4.1%,以反映今年較為疲弱,但上調2021及2022財年預測0.1%及3.5%,以反映較強的復甦。經過調整後,料其2020財年新業務價值下降28%,2021及2022財年增長16%及10%。太保壽險總保費11月跌4%,而2020財年第三季增長1%,意味2020年表現弱過預期。不過,由於低基數效應及開年預售,該行料2021年新業務價值增長有望恢復至雙位數字。

至於財險業務,維持2020年綜合成本率預測不變,為98.8%,但將2021及2022年預測上調0.6及1個百分點至99.4%及99.8%,以反映於汽車改革令市場競爭加劇。該行預計其2020至2022年財險業務保費增長12%、4.5%及13%。

該行上調對集團2020至2022年盈利預測0.8%、0.5%及4.7%,預計盈利跌6%、增長15%及增長10%。

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