《大行報告》大和下調中國平安(02318.HK)目標價至36元 評級「沽售」
大和發表研究報告指,由於產品組合及銷售渠道質素下降,表現疲弱,預期將顯着壓縮中國平安(02318.HK)利潤率,令其上半年新業務價值(VNB)按年下跌28%,第二季平安壽險VNB料將下跌17%,主要由於經紀渠道首年保費未見增長,令利潤率惡化。
大和指,由於客戶改爲投向銀保,產品結構趨向儲蓄轉變,加上過分強調交叉銷售模式,預期利潤率將繼續下降;又表示得益於平安銀行及平安產險的綜合比率改善,預測平保上半年稅後淨營業利潤將按年增長8%。
大和重申中國平安「沽售」評級,目標價由38元下調至36元,估計第二季經紀數量將按季進一步下降5%。
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