大行評級|傑富瑞:予新華保險目標價11港元 新業務價值強勁被盈利能力挑戰所掩蓋
傑富瑞發表研究報吿指,新華保險2024財年首季歸屬利潤按年跌29%至49億元,按季比較則轉正。
該行表示,公司除利潤下跌幅度較同業更大,綜合虧損總額達110億元,亦導致公司賬面價值下跌11%。傑富瑞表示,新華保險正面對多項負面因素。包括公司投資面臨壓力,包括聯營公司在內的總投資收益,及年化總投資回報率均出現下調;2024財年首季其他綜合損益(OCI)確認損失160億元,因為OCI債券收益遠遠不足以抵銷保險負債增加的情況;公司保費收入按年下跌13%,或受前幾年銷售低迷的情況拖累;以及核心償債能力下降14.4個百分點,至142.6%。
傑富瑞認為,儘管新華保險的新業務價值強勁,但被盈利能力挑戰所掩蓋。不過在盈利能力疲弱的情況下,公司賬面價值被侵蝕,以及股息可持續性的問題,可能仍是投資者近期所重點關注的事項。該行予其目標價11港元,評級“跑輸大市”。
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