《大行報告》瑞銀降太保(02601.HK)評級至「中性」 目標價上調至25.3元
瑞銀發表研究報告,下調中國太保(02601.HK)投資評級,由「買入」降至「中性」,指其股價自3月低位反彈32%,跑贏內險板塊15%。該行對太保派息主題保持正面看法,但認為其新業務復甦或落後同業,主因瑞銀未看到其代理渠道改革有重大進展。
報告表示,太保未有披露首季新業務價值(NBV)數據,但其首年度保費錄31%跌幅,則遜市場預期,及落後主要上市內險商。太保首季稅後純利升53%至84億元人民幣,主因佣金下降及去年同期稅費基數較高,但料稅費對按年純利增長的基數影響將自次季起消減。
瑞銀上調太保目標價,由22.2港元升至25.3港元,源於內地疫情穩定,將其信貸資產折讓幅度由30%收窄至20%,並補充其現價相當於預測今年經調整股價對內涵價值比率0.9倍,估值與同業相若,但NBV動力明顯較弱。
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