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大行評級|大摩:對香港及內地保險股上半年業績感到滿意 行業首選改為友邦

摩根士丹利研究報吿指,對香港及內地保險股上半年業績感到滿意,不過第三季表現或因股票市場走勢而受壓,維持對行業吸引的評級。該行同時將行業首選改為友邦,維持“增持”評級及目標價88港元不變,認為公司的股票表現及各項業績指標均受惠於美國減息,同時指出即使在減息環境,亦有助提升其保險產品銷售,加上公司基本面穩健,有望進一步擴大在內地的業務,視此為一催化劑。

該行另外將中國人保評級由“與大市同步”升至“增持”,目標價由3.1港元升至4.1港元,稱公司旗下財險業務穩健,綜合成本率(CoR)及股本回報率健康,仍是集團盈利主要貢獻者。而人壽及健康險業務品質已大幅改善,預期在較低的定價利率支持下,此趨勢將會持續,加上集團嚴謹的投資策略,歷史上風險極低,及其估值吸引。

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