《大行報告》野村下調中國平安(02318.HK)目標價至71.8元 升財險(02328.HK)目標價至10.8元
野村發表報告指,新冠疫情仍是上半年財產和意外保險綜合成本率改善和壽險新業務價值增長勢頭疲軟的主要因素之一,並且可能仍然是下半年的關鍵因素。該行繼續偏好財險(02328.HK)和中國平安(02318.HK),因為它們處於市場領先地位,而財險在疫情下更具防禦性,目標價由10.2元升至10.8元。平安則更受惠疫情後經濟刺激政策,目標價由73.5元降至71.8元。內險股目標價詳見另表。
該行預計,在「動態清零」政策不變和低基數效應的支持下,其所覆蓋的財產和意外保險公司的下半年淨利潤將進一步改善至按年增長53%。
同時,鑒於第二季銷售代理人數量的按季降幅收窄,該行預計過去兩年壽險新業務價值的雙位數急遽跌幅將在下半年收窄。而疫情發展仍然是影響核心代理渠道業務增長復甦的關鍵不確定因素。整個行業的銷售代理數字化轉型的積極成果仍不確定,未來幾個季度可能需要觀察更多進展,以恢復投資者對壽險業務改革的信心。
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