大行評級|招銀國際:下調中國人壽目標價至13.7港元 維持“買入”評級
招銀國際發表報吿指,中國人壽去年末季純利106億元,按年跌4.7%,按季扭虧。由於今年第一季指數表現較好,以及債券基金比例增加,預計公司上半年的淨投資表現將轉為正值,可能會在低利率環境下產生更高的利差收入。
招銀國際指,考慮到投資收益率受壓和市場情緒低迷,根據新的IFRS準則將目標價由17.81港元下調至13.7港元,維持“買入”評級。另外,隨着效率進一步提高,該行預計在壽險首年保費和利潤率增長的推動下,新業務價值將在2024財年達介乎約13%至17%(mid-teens)增長。
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