《大行》中國太保(02601.HK)發行零息CB 高盛:核心保險子公司未有即時資本需求
中國太保(02601.HK)宣布發行155.56億元2030年到期的零息可轉換債券。高盛發表研究報告指,相信這是公司利用過去12個月股價上漲及低成本融資的機會所進行的股票募集。
該行並不認為中國太保的核心保險子公司(太保壽險及太保財險)有即時的資本需求,兩者核心償付能力比率在上半年分別為136%及196%。另一方面,鑑於長期債券收益率走向的不確定性,該行相信額外資本可讓公司在資本管理上更具彈性。
該行予公司「中性」評級,H股目標價30.5元。
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