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《大行報告》中金料壽險明年新業務價值好轉 籲留意太保(02601.HK)
中金發表研究報告預期,人壽保險的新業務價值增長將在明年下半年有所好轉,並建議在明年首季後關注投資機會,短期內可觀察公司的業務表現,長期而言可觀察代理生產力的改善和可持續性。 該行建議關注太保(02601.HK),鑑於其壽險業務改革及代理業績表現,認為公司的代理邊際生產率改善將超出市場預期;隨著友邦(01299.HK)前高層蔡強加盟太保,有利於提振投資者信心,提升公司估值;公司目前估值處於歷史低位。該行對其目標價33元,評級「跑贏大市」。 在財險方面,該行料大公司在車險方面的競爭優勢將繼續提升,預計2022年財險行業板塊估值將復甦,並繼續推薦中國財險(02328.HK)。該行又認為隨著車險綜合改革的推進,估計競爭焦點將由收費及費用,轉移至定價與營運能力上。而由於市場對車險綜合改革不利因素的悲觀預期,中國財險股份呈超賣。該行對其目標價為9.3元,評級「跑贏大市」。
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