You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
野村:新華保險(1336.HK)去年下半年業績略勝預期 維持買入評級
格隆匯 03-25 16:59

野村發表研究報吿指出,新華保險(1336.HK)去年下半年業績略勝預期,主要受惠於未變演投資收益,維持其買入評級,目標價仍為43.31港元。

野村指出,新華保險淨資產達1020億元人民幣,而內含價值為2410億元人民幣,分別比野村預測超出8%和3%。集團去年全年純利微跌1.8%至大約143億元人民幣,符合預期,意味下半年純利按年上升51%,略勝預期,主要歸功於投資回報改善,去年總投資回報率為5.5%,高於2019年的4.9%,而下半年年化總投資回報率為5.9%,亦勝2019年下半年的5.1%。2020年年化股本回報率為15.4%,比2019年的19.4%高出4個百分點。

報吿提到新華保險去年下半年扣除貼現率假設調整後的新業務價值,按年下跌3%,比野村估計遜色,雖然銷售團隊按年增加20%,但受累於高基數,下半年代理長期險首年保費仍按年下跌9%,但業務利潤率改善,新業務價值對首年保費由2019年下半年的24%,升至2020年下半年的32%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account