《大行報告》美銀證券:太保(02601.HK)季績勝預期 維持「買入」因估值不高
美銀證券發表研究報告,指中國太保(02601.HK)首九個月純利按年跌11%至203億元人民幣,跌幅較上半年按年跌23%有所收窄。第三季純利意外地強勁,按年升30%勝預期,部分由於去年同期基數較低。
報告稱,隨著太保改革經紀團隊,其整體保險業務增長趨勢自今年首兩季的急跌有所改善。首九個月首年保費(FYP)及首年定期保費(FYRP)按年跌25%至26%,較上半年跌幅35%有所改善,意味第三季FYRP按年錄46%正增長。即使去年第三季基數較低,表現仍相當可人。第三季新業務價值按年升3%,反彈力度疲弱,首九個月則跌38%,但仍好過上半年按年45%跌幅。另其產險及意外險增長維持穩定。
美銀證券維持予太保H股目標價27.7元不變,續予「買入」評級,因估值不高。
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