《大行報告》大和降國壽(02628.HK)目標價至16元 評級「買入」
大和發表報告指,中國人壽(02628.HK)今年6月的保費收入進一步放慢至按年下跌3.5%,主要由於在競爭加劇及更嚴格的監管審查下,保障業務繼續面對行業性的需求疲弱。因此,集團今年上半年的毛保費按年增長放緩至3%。
該行預期,集團今年上半年的首年保費及新業務價值表現疲軟,分別按年下跌20%及22%,但料其上半年純利仍然穩固,估計按年增長40%,主要受到穩健的股本投資、有效率的經營開支,及撥備壓力略有舒緩所推動。今年全年計,該行料集團新業務價值將按年下跌15%。
大和下調國壽股份目標價,由22元降至16元,評級維持「買入」,並調低集團明年及2023年盈利預測10%至11%,以反映保障產品競爭增加、長期投資回報降低,及今年的股本投資回報穩健。
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