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《大行报告》瑞信调整内险股目标价首选国寿(02628.HK)
阿思达克 07-18 10:56

瑞信发表研究报告,预料内险行业的上半年新业务价值(VNB)录中单位数增长,但首年保费(FYP)增长仍面临挑战,因招聘及挽留经纪困难及产品组合改变。利润率则见改善,随着产品组合转向长期保障。

报告指,在投资收益带动下,内险行业的内涵价值(EV)趋势稳健、有效保单业务价值(VIF)上升或VNB贡献等。更预料部分险企将发盈喜,主因受到投资收益及税务回拨所致。在内险股中,首选中国人寿(02628.HK),其VNB增长领先同业、盈利强劲及主席变动後,公司更以市场为主导的经营策略。

该行又指,虽然短线气氛转弱,但中国平安(02318.HK)仍然为长期核心持有股份,因其内含价值回报率(RoEV)领先同业,税後经营溢利稳健,以及持续专注质素及以科技为动力的盈利能力。

瑞信调整内险股目标价,国寿由25元升至26元,维持评级「跑赢大市」;中国平安由112元升至113元,同样维持评级「跑赢大市」;新华保险(01336.HK)及中国太平(00966.HK)均维持评级「跑赢大市」,前者目标价由51元降至48.5元,後者由30元降至28元。

财险(02328.HK)目标价则由9.5元升至10.2元,维持评级「中性」;中国太保(02601.HK)目标价维持38元,评级「跑赢大市」不变。

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