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《大行報告》瑞信下調中國太平(00966.HK)目標價至15元 評級「跑贏大市」
阿思達克 03-25 10:57
瑞信發表研究報告指,中國太平(00966.HK)預計「償二代二期工程」對綜合償付能力的影響爲中性至略微正面;核心償付能力比率將受到影響,但現時仍高於最低要求的50%,申請的3年過渡期已獲得監管部門的批準,預期可緩解對核心償付能力比率的不利影響。 去年公司經紀人數按年增長1%,對比同業平均減少30%。瑞信指,太平實施差異化戰略,以維持正常員工人數增減。由於長期上市股權投資的公允價值下降,及去年初錄得浮動收益,太平去年可供出售金融資產投資公允價值損失爲190億元。瑞信將今明兩年每股盈利預測下調9%及10%,並降低估值倍數以反映新業務價值預期下降及利潤率收窄幅度高於預期,目標價從16.5元下調至15元,維持「跑贏大市」評級。
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