《大行》高盛降保誠(02378.HK)目標價至134元 重申「買入」
保誠(02378.HK)將於8月27日開市前公布上半年業績。高盛發表研究報告指,預計保誠第二季新業務利潤(NBP)增長將會加快,料按年增長15%,相比今年首季則為12%,並且預期今年上半年的經營自由盈餘總額(OFSG)將錄強勁增長。
對於新業務利潤,該行預計香港市場將成為保誠的主要增長動力,料今年上半年將升21%。至於OFSG,該行指出,受惠於現行保單投資組合的預期自由盈餘釋放增加,預計將出現拐點,去年全年倒退3%。另外,該行相信,中期而言,自2027財年起,保誠可以達到40%或以上的OFSG分派率,並將繼續上升。該行預計,保誠OFSG分派率將在2027財年後逐漸趨向50%。
該行對保誠預測進行微調,並將修訂估值方法,以內涵價值合值法計,對其H股目標價由147元下調至134元,重申「買入」評級。
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