《大行報告》麥格理下調中國平安(02318.HK)目標價至27元 評級「跑輸大市」
麥格理發表評級報告指,由於股市表現疲軟,即使中國平安(02318.HK)上季稅後營運利潤按年增3.8%,稍勝於該行預測,但其稅後淨利潤按年跌6.3%至765億元人民幣。由於償二代(C-ROSSII)準則下資本成本較高,該行相信,集團內含價值對於產品組合變化帶來的投資回報將更加敏感。該行相信,隨著利率下降,淨投資回報率會進一步下跌,料集團有能力達到5%投資回報,但更多是取決於股市表現。
該行降平安今年至2024年各年每股盈測分別9%、9%及6%,反映下調投資回報預測,並將其目標價由35元下調23%至27元,重申其評級為「跑輸大市」。
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