《大行報告》大摩下調新華保險(01336.HK)目標價至23元 評級「減持」
摩根士丹利發表報告表示,由於新華保險(01336.HK)銷售額低於預期,決定將新華保險2022和2023財年盈利預測分別下調3%和2%,由於中長期盈利增長疲軟,將其目標價從24元下調至23元,相當預測今年賬面值0.5倍,維持「減持」評級。
該行認爲,與更注重質量的同行相比,新華保險在新管理層的領導下已轉向更平衡的發展方式,傾向於通過增加業務量來提升市場排名,在這個計劃下,監於其毛利率被攤薄,新華保險將需要大幅增加新銷售額才能跑贏同行。
大摩認爲新華保險應比同業面臨更多的利率和再投資風險,因爲目前在中國銷售的大多數儲蓄產品仍帶有擔保,由於長期利率擔憂和盈利不確定性,料市場似乎不太可能看好該股票。
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