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大行評級|美銀:上調中國太保評級至“買入” 預計有非常大可能作出較高每股派息
美銀證券發表報吿,將中國太保的評級從“中性”上調至“買入”,因公司股價自10月7日高位回吐25%,目前的估值為2025年市賬率0.7倍,而中國平安則為0.8倍,同時太保的股息率超過5%。因此,認為太保估值已不再是問題。該行最近與太保舉行電話會議,認為太保在產品策略變化下,將銷售更多參與型產品,同時在儲蓄產品上仍然占主導地位,相信明年新業務價值利潤率有潛在上升空間,預計保障類型產品的利潤率將介乎70%至80%,儲蓄及參與產品的利潤率則介乎10%至20%。美銀證券提到,太保與大多數同行一樣,尚未決定2024年的派息政策,主要原因是淨利潤突然增加。而另一方面,由於股票市場波動,2024年第四季的利潤表現仍然未明朗,預計在明年2月前公司不會進一步説明派息政策。公司目標是保持每股派息增長穩定,同時亦能反映盈利的增長。因此,預計公司會有非常大的可能作出較高的每股派息,雖然該行預期派息比率只有25至30%,處於市場預期下限,股息回報仍超過5%。
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