《大行》招銀國際升國壽(02628.HK)目標價至29元 評級「買入」
招銀國際發表研究報告指,國壽(02628.HK)上半年純利按年升7%至409億元人民幣,意味著次季盈利按年跌31%。儘管季度波動,該行預計保險服務費用(ISE)的波動性將在第三季或下半年有所緩解,因為中國10年期國債收益率反彈,且去年第四季利率暴跌,導致今年下半年保險服務業績復甦的基數較低,認為今年第二季純利下滑屬短期性,股息按年增長19%至0.24元人民幣,增速快於淨利潤增長。
該行表示,將國壽今年、明年及2027年每股盈利預測各上調至2.99元人民幣、3.23元人民幣及3.67元人民幣,其目標價由20元上調至29元,相當於預測今年股價對內含價值的0.5倍,其評級為「買入」。(ca/w)
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