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《大行報告》美銀證券下調太保(02601.HK)目標價至26元 評級「買入」
美銀證券發表報告指,中國太保(02601.HK)去年度淨利潤按年下降8%至246億元人民幣,表現好過預期。與同行相比太保全年新業務價值(VNB)水平相若,按年下降31%,VNB於去年第四季按年上升30%,出現單季反彈,但考慮到第四季通常是保險公司最低及最不穩定的季度,該行相信可能需要看到今年首季表現,才能確認復甦趨勢。 該行指,中國太保期內淨利潤在投資收益推動下好過預期,按年下降16%,對比同業大多數下降超過30%,太保更將派息比率由35%提高至40%。基於去年年投資收益基數較高的影響,該行將太保今明兩年盈利預測下調3%至9%,該行將太保H股目標價由27.7元下調至26元,重申「買入」評級,預計VNB利潤率今年將保持在約11.4%的低位,綜合比率則將升至98.5%。(gc/w) ~
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