《大行報告》中金降保誠(02378.HK)目標價至111元 考慮港股流動性較弱和市場情緒
中金發表報告指,保誠(02378.HK)去年以實際匯率計算,新業務利潤按年增長43.1%,增幅好過市場預期的6.4%,主要由於香港市場表現好過預期;經調整營運利潤按年升6.3%,基本符合市場預期。內地訪港遊客復甦,推動香港新業務按年大增,本地客群同樣有良好增長,預期進入第二季後,內地訪港遊客業務增速將由高基數放緩,但產品結構改善有利於利潤率提升,預計本地業務仍將穩健增長。
該行認為,保誠去年在很多市場進一步獲取市場份額,受惠於公司突出的產品開發能力和渠道經營能力,將推動未來實現穩健內生增長,目前公司估值未充分體現長期經營優勢,看好公司長期價值修復空間。
報告指,考慮到公司港股流動性較弱以及港股市場整體情緒,下調目標價29%至111元,維持「跑贏行業」評級。(cy/w)
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