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《大行報告》大和降中國平安(02318.HK)評級至「沽售」 目標價下調至35元
大和發表報告指,雖然欣賞中國平安(02318.HK)過去30年建立一個金融綜合企業的歷程,但認為現時對於股東而言價值有限。平安人壽曾經擁有最佳的線下分銷團隊,但根據該行作出的渠道調查,經紀要達到交叉銷售的指標,就需要犧牲壽險業務的新業務價值。公司過去的股本回報主要由壽險推動,以往股本回報優於同業,主要因為較高槓桿所致,但未來的監管壓力可能令情況改變。 該行預期,公司的稅後經營溢利失去動力,派息亦將面對壓力。今年至2025年,來自壽險業務的稅後經營溢利,估計按年下跌2%至上升2%,平安銀行亦面對不利的宏觀經濟環境,零售費用收入不足以抵銷淨息差收窄的壓力。 大和將平保的評級由「持有」下調至「沽售」,目標價由45元下調至35元,主要反映該行對綜合金融策略態度審慎。
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