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《大行報告》美銀證券下調太保(02601.HK)目標價至31元 評級「買入」
阿思達克 03-29 10:07
美銀證券發表研究報告,指中國太保(02601.HK)2021財年淨利潤268億元人民幣,按年增長9%,符合該行預期,壽險新業務價值按年下降25%至134億元人民幣,新業務價值利潤率下降15.4個百分點至23.5%;在假設不變下,由於產品結構轉變和需求疲軟,新業務價值去年下半年料按年降52%。 美銀證券指太保人壽保險增長疲軟,又預計今年綜合成本比率較高,部分由於最近內地有飛機失事,惟太保H股估值不高,現相當於預測今年市賬率0.7倍;降今年新業務價值預測25%,反映需求疲弱及持續經銷團隊改革,對業務量添壓,並降明年盈測3%,反映下調投資預測。目標價相應由34元下調至31元,評級「買入」。
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