《大行報告》大和升中國平安(02318.HK)評級至「持有」 目標價下調至34元
大和發表報告指,中國平安(02318.HK)去年首九個月新業務價值按年增長41%,主要因為在監管部門停售之前其最後銷售3.5%的預定利率終身壽險產品,不過該行認為,若果內地利率水平持續溫和,長遠而言,相關產品的負債成本及負利差風險將會上升。以日本以往的經驗為例,壽險公司銷售高利率保證產品,將會導致負利差的情況出現,令投資回報顯著減低。
另一方面,該行認為,中國平安的非標準化資產(NSA)具有一定規模,特別是部分與房地產相關,亦成為短期的風險。
中國平安過去兩個月股價下跌20%,已低於該行目標價水平,因此該行將中國平安評級由「沽售」上調至「持有」,目標價由35元下調至34元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.