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《大行报告》大和下调国寿(02628.HK)目标价至22元 评级「买入」
阿思达克 03-29 11:38
大和发表研究报告,指中国人寿(02628.HK)管理层重申对价值增长与代理质素的关注,以及数码转型策略。新业务价值(VNB)仍是主要的指标,去年寿险新业务价值利润率在个人渠道方面见轻微下跌,但表现仍优於大型同业。管理层期望今年VNB可维持稳定,但因相对高基数及「开门红」同业竞争加剧而感到压力。

受竞争加剧影响,该行预期国寿寿险VNB首季将录高双位数跌幅;随着产品组合及VNB利润率进一步改善,全年VNB则料有低单位数增长。该行下调国寿今明两年盈测介乎7%至8%,主因潜在投资弱势,因大量高收益产品以较低收益率重续,重申予「买入」评级,目标价由27元降至22元。

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