《大行報告》大和降中國太保(02601.HK)目標價至17元 反映投資按市價入賬
大和發表研究報告,基於2023年業績預告、2024年「開門紅」銷售(Jumpstart Sales)表現,以及憧憬行業進一步改革,預期中國太保(02601.HK)可能成為首家新業務價值(VNB)利潤率觸底回升的內險公司,重申「跑贏大市」評級。
該行指出,太保開門紅銷售勢頭強勁,截至目前保單轉換率好過預期,當中新產品「鑫福年年」較受投資者歡迎。大和又指,太保自2022年起啟動長航行動改革已初見成效,預期去年7月起啟動的第二階段改革,可實現VNB產品組合平衡。
大和表示,計及過去數周按市價計價、即公允價值會計準則下的投資價值入賬,相應將2024年至2025年核心每股盈利預測下調18.4%及5.2%,下調太保目標價至17元。
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