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《大行報告》高盛下調國壽(02628.HK)目標價至14.5元 上季盈利遜預期
阿思達克 10-27 10:22
高盛發表報告指,國壽(02628.HK)第三季業績遜預期,主要受投資收益疲弱影響,在市況持續弱勢下,估計第四季盈利仍然面對逆風,因此將其全年盈利預測下調9%至417億元人民幣,相信投資者關注盈利弱勢會否影響全年派息,在舊會計準則下,國壽首九個月盈利按年倒退48%,而根據之前的指引,派息會按舊會計準則下盈利水平而決定。 該行引述管理層指,留意到相關壓力,會研究在全年業績時回應投資者的關注。該行將全年每股派息預測,上調至0.65元人民幣,與2021年度相同,按新會計準則的盈利預測,派息比率為44%。 報告指,國壽首九個月新業務價值增長14%,較上半年的20%增幅放緩,相信主要因為產品重新訂價,以及當局加強銀保監管帶來干擾,不過該行相信新業務價值利潤率得以提升,主要因為保單年期較長及渠道開支減低。 該行將國壽H股目標價由15.5元下調至14.5元,評級「買入」,該股股息率約5%,與同業相若,但估值較同業具折讓,而核心償付能力比率屬該行覆蓋同業中最佳,為短期市況波動提供緩衝,支持股價表現。
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