《大行報告》中金下調保誠(02378.HK)目標價至154元 評級「跑贏行業」
中金發表報告指,按固定匯率計,保誠(02378.HK)上半年年化新保按年增9%至22.13億美元,新業務利潤按年跌5%,優於該行預期的4%及市場的3%,主要由於新業務保費優於該行預期;經調整經營溢利按年增8%,基本符合該行預期。
該行指,保誠香港今年上半年新業務利潤按年跌31%,主要由於疫情對代理人渠道的沖擊,導致年化新單保費按年跌10%,同時利率上行對EEV風險折現率的影響大於投資回報率,亦對新業務利潤帶來顯著拖累。該行預計,未來疫情平覆將有助於代理渠道恢復增長動能,但利率影響可能還會持續。
中金表示,由於各地資本市場表現不及該行早前預期,將其今年每股盈測下調55.3%至0.47美元,明年則下調11.8%至1.09美元,目標價下調12.5%至154元,給予其評級為「跑贏行業」。(ca/s)
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