《大行報告》瑞銀下調中國平安(02318.HK)目標價至115元 評級「買入」
瑞銀發表的研究報告指,中國平安(02318.HK)去年業績大致符合市場預期,期內新業務價值按年跌33%,而市場預期跌約30-35%,期內稅後經營溢利升5%至1,390億元人民幣,相信公司將資源優先用於推動新計劃影響到去年第四季銷售入帳,但對今年首季則有支持。
公司宣派每股2.2元人民幣股息亦大致符合稅後溢利增長,相信現時估值已反映疫情帶來的影響,而平安人壽改革及醫療健康生態系統將擴大公司的競爭優勢,估計今年公司新業務價值增長將反彈至12%,主要受惠經紀活動復甦及消費者對保障類產品興趣增加,維持「買入」評級,目標價由117元降至115元。
該行指出雖然期內壽險新業務價值下跌,公司在零售及互聯網用戶基礎上亦繼續有增長,分別達到2.18億及5.98億戶,相信將為平安帶來不少長遠變現機遇,而經紀人數按季跌2%至102萬人,主要因為公司壽險改革在第四季持續,受惠跨平台銷售,經紀平均收入僅跌8%,相信經紀人數在今年將企穩。(el/k) ~
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