《大行報告》美銀證券上調國壽(02628.HK)目標價至16.5元 評級「買入」
美銀證券發表研究報告指,國壽(02628.HK)首季淨利潤按年增18%至179億元人民幣,在國際財務報告準則第17號(IFRS 17)下按年增78%至273億元人民幣,投資收益反彈帶動盈利增長。由於會計規則變化,該行傾向建議投資者淡化今年盈利的增長速度。然而,由於集團的股息與其利潤掛鉤,投資者可能會在IFRS 17下預計今年會有更好的的股息收入。
該行表示,集團業績中,盈利和新業務價值增長與同行一致。由於集團2022年首季的基數較高,因此認為復甦步伐符合預期。總體而言,該行認為,業績顯示壽險業務處於早期復甦,並且由於在保證利率下調前潛在的銷售加快,趨勢將在今年第二季持續。
該行上調國壽新業務價值的預測,由按年增長4%至9%上調至7%至13%,目標價由14.6元上調至16.5元,維持「買入」評級。
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