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《大行報告》摩通:維持對內險股正面論點 近期調整後偏好中國平安(02318.HK)及國壽(02628.HK)
摩通發表評級報告指,基於增長復甦、更好的盈利可見性和17%每股派息增長前景(今年預測市盈率6倍,股息收益率超過6%),維持對內險股正面論點。未來行業將會出現三大風險,包括宏觀環境(債券收益率下跌)、投資(信用風險)及監管(產品和資本),看似容易管理並反映於股價之上。 在監管方面,該行指,微弱、甚至負利潤率會限制擁有3.5%保證率的非標準保單擴大,同時作為保險公司核心資本的主要結構為存留收益,幾乎沒有依賴次級及混合債務。 經過近期調整後,該行偏好中國平安(02318.HK),給予其目標價為85元,評級為「增持」;同時亦看好國壽(02628.HK),給予其目標價為22元,評級為「增持」。(ca/u) ~
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