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《大行報告》大摩降香港及內地保險業至「同步大市」 首選財險(02328.HK)升目標價至13.9元
摩根士丹利發表報告,將香港及內地保險業由「吸引」下調至「同步大市」,以反映對今年資產風險及投資壓力表示關注,行業中傾向防守性選擇,首選財險(02328.HK),目標價由13元上調至13.9元,同時偏好友邦(01299.HK)。 該行指,去年儲蓄產品的銷售趨勢超出預期,相信今年需求保持強勁,因為在低息率及股市氣氛疲弱下,居民可投資資產的選擇受限,今年壽險產品費用可能仍然下跌,亦將吸引購買意慾,至於保障類產品的需求仍然疲弱。整體而言,大部分壽險公司今年的新業務價值仍有正面增長,估計部分公司的新業務價值首季能夠達到雙位數增長。 不過該行認為,利率下跌、股市疲弱、資產具有潛在風險,可能繼續影響保險商的資產負債表及盈利表現,擔心部分小型非上市企業面對損失風險。財產保險基本因素改善,估計在監管環境有利下,財險公司表現較佳。
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