《大行報告》野村下調太保(02601.HK)目標價至30.55元 評級「買入」
野村發表研究報告指,內地推動壽險改革爲中國太保(02601.HK)短期內發展帶來影響,將太保2021及2022財年壽險新業務價值(NBV)預測下調1.5%及11%,以反映業務增長或差於預期,經紀數量持續下降及政策因素,預計太保2022財年壽險年化保費等值銷售額(APE)將按年跌10%,而 NBV對APE利潤率可能會回升1個百分點。
野村指,太保管理層預計未來業務及產品戰略不會有重大變化。預計汽車保險將復甦,將太保2022財年的財險保費增長預測上調1.5個百分點至10%。
該行維持2021至2023財年盈利預測基本保持不變,將目標價下調至30.55元(原本32.07元),對應長期淨資產收益率預測由13%下調至12.5%,重申「買入」評級。
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