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《大行報告》瑞信下調新華保險(01336.HK)目標價至39元 評級「跑贏大市」
阿思達克 03-26 10:35
瑞信發表研究報告指,新華保險(01336.HK)去年度新業務價值按年下跌6%,符合下跌約7%的預測,代表在去年上半年下跌11%後,下半年回升約2%,相信主要是受毛利率改善所帶動。

期內經紀首年保費水平增長5%,銀行保險在低利潤率儲蓄型產品推動下增長126%,經紀人數亦增長20%至60.6萬人,但在疫情影響下平均效率降低30%,預期今年公司將專注於提升產品質量及經紀效率及客戶留存率。

該行又指,新華保險去年度稅後利潤按年下跌2%,超出預測的下跌10%,主要受整體投資收入增長28%帶動,每股派息1.39元人民幣,派息比率達30%,預期未來派息水平將維持穩定。

瑞信將今明兩年每股盈利預測上調9%及2%,以反映去年業績表現好過預期,但計及未來復甦前景不明朗,將目標價由42元下調至$39 ,維持「跑贏大市」評級。

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