《大行報告》大和降中國平安(02318.HK)目標價至38元 重申「沽售」
大和發表報告指,中國平安(02318.HK)於2017年至2019年曾以科技公司自詡,但其現時估值甚至低於房地產發展商。大和稱平安現時股價接近該行的目標價,視集團的估值向下重評是反映其自2019年以來的策略錯誤,認為集團的基本面尚未見底。
大和表示,平安的核心壽險業務策略失敗,過分重視交叉銷售,令其壽險業務面臨新業務執行不力及監管風險。而集團今年5月的壽險保費按年下跌3%,估算其5月首年保費將按年增長低單位數,新業務價值則按年跌超過10%。
大和下調中國平安股份目標價,由44元降至38元,重申「沽售」評級,並調低集團今明兩年新業務價值預測5%至6%。
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