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《大行報告》大和升太保(02601.HK)評級至「跑贏大市」 目標價降至18元
阿思達克 01-08 11:35
大和發表報告指出,太保(02601.HK)自去年7月起展開第二階段「長航改革」,重點關注內部營運效率和強化敏捷性,如由集中管理轉向更加獨立的業務營運,提高機構生產力的模式。該行認為業務改革第二階段顯著提高代理人員的生產力、新代理的留任率和業務貢獻亦有所提高。 該行估計,太保第二階段「長航改革」將於今年為公司實現更好的產品結構。而該行觀察到公司的產品結構多元化,並不是只依賴於增加長期可能帶來負利差風險的終身壽險(IWL)產品。 此外,該行將太保評級由「持有」上調至「跑贏大市」,由於公司新業務價值增長可能放緩,對其目標價由19.2元下調至18元,同時對公司去年盈利預測下調29%,今明兩年盈利預測亦下調4%至5%。
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