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《大行報告》摩通下調國壽(02628.HK)目標價至15元 維持「增持」評級
摩根大通發表報告,更新對中國人壽(02628.HK)的分析模型,以反映第四季度的業務環境及市場財務狀況。相對亞洲同業,中國人壽根據IFRS-17/9會計準則公布的財務資料並不足夠,因此該行維持以現有財務數據作分析,將目標價由18元下調至15元,以反映第四季度債券回報下跌、股市疲弱、新業務價值前景復甦步伐較原先預期為慢,維持「增持」評級,現價相當於明年預測市盈率5倍,今年預測股息率5厘,估值仍然吸引。 報告指,中人壽年初至今股價跌24%,跑輸恆指的14%跌幅,已合理反映未來財務表現可能疲弱的因素。該行將今明兩年新業務價值的預測下調,估計今年至2025年三年期間,新業務價值分別增長25%、11%及16%。
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