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《大行報告》里昂下調太保(02601.HK)目標價至14元 評級「跑輸大市」
阿思達克 11-07 15:21
里昂發表報告指,中國太保(02601.HK)近期股價表現出色,反映第三季業績受市場青睞,或顯示業績觸底反彈。不過,該行未對此感到興奮,因為去年第三季度基數低,且新業務價值的質量因銀保業務而惡化,總綜合收入實際上達到多個季度的低點。 同時,里昂認為,市場對太保快速代理改革和股息提升的希望不太可能實現。根據該行計算,由於「償二代」二期(C-ROSS 2)的過渡性償付能力安排將在三年內到期,即使有潛在的永久債券發行,太保的派息能力仍然有限。 該行維持對太保「跑輸大市」評級,並將目標價由16元下調至14元,以反映人民幣貶值和壽險內含價值倍數預測下降。
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