《大行報告》瑞銀下調國壽(02628.HK)目標價至20元 評級「買入」
瑞銀發表研究報告指國壽(02628.HK)去年新業務價值跌1%,相等於第四季跌17%,符預期,第四季純利為30億元人民幣,末期息64分,相等於派息比率穩定在36%。代數人數按季跌13%,雖然公司較早開始準備預售產品,但該行指其基數相對高,不預期會跑贏主要同業。同時又指,公司第四季的首年保費按年持平,但新業務價值率跌8.6個百分點。
該行降今年新業務價值增長預期,由原先料增13%降至僅增8%,目標價由20.9元降至20元,維持「買入」評級,因相信估值(0.5倍股價對內含值)並未充分反映未來復甦潛力。
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