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《大行報告》花旗:保險股低估值已反映投資憂慮 指友邦、財險及太保屬防守性股份
花旗發表研究報告指出,中國恆大(03333.HK)債務危機重挫中、港保險股,儘管上市險企指對恆大的敞口為零,但離岸投資者憂慮系統性風險將蔓延至金融體系,而境內投資者則對政府干預有信心。 該行從三個方面分析,包括投資組合,尤其是非標準化資產;在銀行和房地產開發商的重大持股;及資產負債表外風險敞口。該行在分析後認為,恆大事件對保險商的內涵值的影響有限,市場對恆大危機的影響過度擔憂,中港險企面臨來自房地產行業的風險可控。 該行相信,保險股現時估值相當於2021年預測內涵值的0.2至0.5倍,其歷史性的低估值已反映投資憂慮,在投資者風險偏好降低及市場加劇波動的情況下,該行認為友邦保險(01299.HK)、 財險(02328.HK)和中國太平(02601.HK)將是首選的防守性股份。
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