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一文綜合券商於國壽(02628.HK)公布業績後最新評級、目標價及觀點
阿思達克 08-26 11:26
中國人壽(02628.HK)今早股價靠穩,花旗指國壽今年上半年業績大致符合預期,料新業務價值表現仍會受壓,因壽險行業正處下行周期,指今年上半年純利上升主要受惠於按市值入賬的資本投資收益,料市場對其中期業績反應中性,維持對其「買入」評級及目標價27元。 該公司昨收市後公布中期業績顯示,錄得純利按年增長34.2%至409.75億元人民幣,每股盈利1.45元人民幣。不派中期息。上半年新業務價值按年倒退19%至298.67億人民幣,總保費收入按年增長3.5%至4,422.99億人民幣,已實現淨保費收入按年增長3.6%至4,226.42億人民幣,總投資收益按年增長22.4%至1,176.38億人民幣。期內內含價值按年增長6.6%至1.14萬億元。6月底止核心償付能力充足率259.03%,較去年底的260.1%下降。綜合償付能力充足率267.69%,較去年底的268.92%下降。 【新業務價值符預期 盈利表現優預期】 美銀證券發表報告表示,國壽上半年純利增長主要來自投資收益,期內新業務價值按年倒退19%主因去年同期基數較高,預期公司下半年將有所改善,予其投資評級「買入」,下調對其目標價,由21.2元降19.3元。 中金指國壽上半年業績基本符合預期,新業務價值按年跌19%,但指惡化情況好於該行預期,因受高基數拖累,料全年新業務價值降幅有望收窄,該行指國壽淨利潤升34%,上半年年化總投資收益率按年改善0.4個百分點至5.69%。 ---------------------------------------------------------------- 本網最新綜合6間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 花旗│買入│27元 瑞信│跑贏大市│23元 中金│跑贏行業│20元 美銀證券│買入│21.2元->19.3元 大和│買入│16元 瑞銀│買入│15元 券商│觀點 花旗│上半年盈利高於預期,新業務價值表現符預期 瑞信│受銷售和利潤率收縮拖累新業務價值增長跌19% 中金│高基數拖累上半年新業務價值增長,下半年可望改善 美銀證券│ 新業務價值表現符預期 大和│上半年新業務價值表現符預期 瑞銀│代理渠道令新業務銷售面臨挑戰 (ta/w) ~
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