《大行報告》摩通下調新華保險(01336.HK)目標價至15元 評級「減持」
摩根大通表示,維持新華保險(01336.HK)「減持」評級,並將目標價由17元下調至15元,反映該行對新華保險新業務價值的下調。
該行稱,業績重點在於新華如何分配公司資產的策略,過去數年,公司在淨儲蓄保單銷售下,銷售額大幅增長,該行預期隨着保單到期,預期或見到更大的現金流出,加上淨儲蓄保單或爲償付能力資本帶來壓力,降低無風險資產回報亦爲資產配置加添壓力,故該行下調新華2021年、2022年及2023年淨利潤6%、5%及4%,以反映收入增長恢復減慢及投資收益下降,該行更調低新業務價值預測16%、20%及20%。
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