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《大行報告》大和下調中國平安(02318.HK)目標價至44元 評級「沽售」
大和發表報告指,中國平安(02318.HK)提出「泛醫療」金融服務,在執行、股東回報和治理方面帶來挑戰,稅後經營利潤和派息可能進一步減弱;重申其「沽售」評級,目標價下調由47元下調至44元。 大和表示,雖然同意中國平安許多策略,例如私人財富顧問和社區網格代理,可能有助於交叉銷售,但質疑中國平安從「技術驅動金融集團」到「泛醫療保健集團」的過渡能順利執行,並產生與股東利益一致的結果,雖然美國的聯合健康集團能夠成功運行泛醫療保健集團模式,但中美制度和文化均有差異,因此這個模式的增長成效均有分別,朝著這個目標邁進可能會涉及更多併購,而中國平安的核心業務現金已經捉襟見肘。 大和表示,從估值的角度來看,如果這個平安希望被視為「泛醫療」集團,很難將其新興健康業務的估值置於接近整個集團估值的水平,預計其新業務價值溫和增長將繼續,影響剩餘邊際和稅後經營利潤,預測其2022年人壽稅後經營利潤將出現單位數的下降,將集團稅後經營利潤和派息按年增長拖至僅得2%。
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