大行評級 | 富瑞:平保上季表現符合預期,予目標價65港元
格隆匯3月16日丨富瑞發研報指,中國平安(2318.HK)去年第四季除税後經營溢利同比跌14%至251億元人民幣,下半年每股派息持平於1.5元人民幣,大致符合該行預期;上季壽險業務的除税後經營溢利維持穩健,但被產險業務的虧損和其他業務盈利下降所抵銷。報吿予“買入”評級,目標價65港元。
報吿指,平保上季新業務價值同比增長12%,符預期,增幅較大主要由於期內較少不利假設變化,經調整後,新業務價值同比跌10%,但仍優於代理人數的跌幅,反映效益持續改善;自2月起,新業務價值已回覆正增長,該勢頭並於3月延續。
報吿認為,平保業績好壞參半,壽險業務穩健,同時新業務價值前景持續改善,但被投資表現疲弱和壽險業務遜預期所抵消,預料投資者將關注於業務前景而非滯後的業績表現。

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