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《大行》星展降中國太平(00966.HK)目標價至17元 重申「買入」評級
星展研究報告指,中國太平(00966.HK)主要附屬公司太平人壽今年首季淨利潤按年升87.5%至30億元人民幣,但投資收入和公允價值變動則按年大跌93.3%,導致稅前利潤跌18.5%。期內總保費收入增長爲1%;考慮到去年第三季起息口較低,以及集團渠道成本優化,該行料新業務價值(VNB)將有多於10%的按年增長。 該行將中國太平2025及2026財年的淨利潤預測分別上調3.3%及4.4%,以反映稅務開支減少;考慮到利率持續低迷對公司內含價值的影響,目標價由18元降至17元,但重申「買入」評級,因公司產品組合有效轉型及VNB前景穩健。
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