《大行報告》摩通下調太保(02601.HK)目標價至17元 行業首選中國平安(02318.HK)及國壽(02628.HK)
摩根大通發表報告指,中資保險商今年上半年的業績確認基本面改善及盈利風險退卻,加上資產負債表繼續去除風險,及有充足的償付能力資本。
風險降低令摩通預期今年餘下時間市場對行業的焦點,將轉向業務/盈利增長和資本回報。更重要的是,由於2023年起採用新會計準則,內地債券收益率下降似乎不會明顯削弱保險公司盈利。基於其預期,在香港上市的險商估值特別吸引,現價相當於今年市盈率6倍的低谷水平,並有超過6%股息收益率。
行業中,摩通首選中國平安(02318.HK)及國壽(02628.HK),相信兩企有強勁的壽險復甦周期,及預期在未來一至兩年有派息增長。至於太保(02601.HK)目標價由18元下調至17元,評級「中性」。
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