《大行》摩通:國壽(02628.HK)具五大短催化劑 評級「增持」
摩根大通發表報告指出,中國人壽(02628.HK)今年以來表現強勁,遠超大市,目前股票以2026財年預測市盈率7倍作交易,股息收益率爲3%。在其即將發佈業績(8月27日)之前,關鍵問題在於諸多正面因素是否已被市場充分反映,抑或仍有進一步催化劑。
摩通認爲,今年以來的漲勢反映了投資者焦點從市淨率轉向市盈率,原因在於資產負債表風險降低。該行認爲以下五項因素可能成爲短期催化劑:(1)股息指引、(2)負債融資成本改善、(3)準備金餘額扭轉、(4)市場對其盈測上調、(5)政府政策支持。總結而言,該股未來具備多項基本面驅動力,該行相信這些因素將在未來6至12個月內進一步提升其吸引力的風險回報前景。該行予國壽H股「增持」評級,目標價31元。
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