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交銀國際:維持太保(2601.HK)買入評級 目標價下調至33港元
格隆匯 07-20 12:57

交銀國際發表研究報吿表示,上半年太保(2601.HK)壽險新單保費在較低基數上,按年增長顯著,但仍低於2019年同期水平,第2季度新單保費增速較1季度顯著放緩,預計上半年在產品結構上,重疾險佔比按年下降,新業務價值率按年下降,新業務價值增長8%。上半年產險保費增速領先同業,但綜合成本率面臨上升壓力。該行下調太保2021年新業務價值預測,預計2021年增長5%,將目標價從40港元下調17.5%至33港元,維持買入評級。

該行預計,行業未來競爭焦點將轉向中高端客户市場,太保注重頂尖績優團隊的培養,MDRT達標人數快速增長;在養老社區業務上戰略清晰,積極佈局,儲備牀位數在行業中較為領先。同時,公司具有穩健經營風格,分紅率領先同業,當前估值較有吸引力。

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