《大行報告》瑞信:調整內險股目標價 首選平安(02318.HK)及太保(02601.HK)
瑞信發表研究報告,維持對內險股長遠基本面具建設性的看法,認為今年復甦仍未平衡,因仍受疫情影響,而開年銷售令人驚喜有助股價向上,但仍需耐心等候穩定而持續的復甦。
該行預期10年期中國國債息率維持穩健,對A股有支持,利好內險行業。而在財險方面,目前保費增長持續有壓力,因汽車保險價格改革和競爭加劇,預期綜合成本率將惡化。
該行又指,在支持性的宏觀經濟條件下,今年新業務銷售和新業務價值復甦仍然有增長,預期壽險有改善,首選中國平安(02318.HK)和中國太保(02601.HK)。
瑞信調整內險股目標,上調對中國平安目標價由110元升至119元,維持「跑贏大市」評級;升中國太保目標價由37元升至42元,維持「跑贏大市」評級;下調中國人壽(02628.HK)目標價由30元降至25元,維持「跑贏大市」評級;調低新華人壽(01336.HK)目標價由46元降至42元,維持「跑贏大市」評級。
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