《大行報告》里昂下調保誠(02378.HK)目標價至208元 評級「買入」
保誠(02378.HK)將於下月9日公布2021年業績。里昂預測,預計保誠新業務價值將增長12%,這意味著下半年按年持平,鑑於最近香港疫情再爆發,可能會延遲邊境重新開放,調整了對其2022-23年的業績預測。該行重申保誠「買入」評級,目標價由253元下調至208元。
里昂指,香港是保誠最大的市場,佔其2020年新業務價值的36%,該行曾預計邊境可能會在今年第三季度重新開放,而保誠將成為主要受益者,因為其在香港的市場組合在亞太同行中較高。該行現在預計,內地遊客業務將僅在2023年第一季度回歸。
里昂指,保誠一個潛在的催化劑是任命新的行政總裁常駐亞洲,作為戰略一部分,另一個股價推動力是該公司在香港上市的交易流動性更高,有助於保誠縮小與友邦(01299.HK)在市盈率基礎上的估值差距。
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