《大行報告》大和降國壽(02628.HK)目標價至16元 料去年少賺23%減派息一成
大和發表報告指出,預測國壽(02628.HK)去年新業務價值按年增長15%,與去年首三季相同,並好過第三季跌2%;相信新業務價值毛利跌幅小過同業,因公司代理渠道較本地同業更具韌性。公司去年代理人數下跌7%,相對於同業下跌19%。
此外,該行估計國壽去年毛保費增長4%,單計12月按年增長13%。鑑於國家金融監管總局規範保險公司「開門紅」,自去年11月禁止預收保費後,險企更改預收2024年保費的做法,全部保費均於2023年入帳。基於採用國際財務報告準則(IFRS)第九及十七號的會計準則(2022年可比數據未重述),加上股市疲弱,該行料國壽去年純利按年下跌23%。
該行預期,國壽去年股息按年下跌10%,但應較每股盈利下跌的幅度為小。公司主要股東國家財政部表示,國壽的派息率具靈活性,可維持穩定的股息。另外,對於銀保新規,該行指國壽已完成簽訂新合同,相信對其影響較小;而收緊銀行保險佣金有利於行業龍頭獲得市場份額,並帶來更高的毛利。該行重申對國壽的「買入」評級,目標價由17.7元下調至16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.