《大行報告》大和下調太保(02601.HK)目標價至30元 評級「買入」
大和發表研究報告指,計及環境、社會和企業管治(ESG)因素、財務預測及估值分析後,認爲中國太保(02601.HK)致力於建立長期社會價值的保險機構,對其維持「買入」評級。
該行指,中國太保的壽險經紀正轉型爲全方位專業經紀,預期透過質量及可持續性爲導向的新傭金計劃,將有助於提高客戶終身價值。同時太保財險在環境責任險中的動態保費定價考慮到ESG因素,大和相信此類產品將受到市場歡迎,並通過爲客戶的環境風險和總體氣候風險準確定價,來幫助提升公司盈利。
在投資方面,大和指出太保堅持綠色投資原則,通過債權計劃、股權投資、資產型證券和PE基金,直接投資新能源、環保、供水和減排項目。由於近期經紀人數壓力及利率可能下降,該行將目標價下調至30元(原本42元),但基於投資收益增加,將2021至2023年每股盈利預測上調0.4%至3%。
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