《大行報告》大和下調國壽(02628.HK)目標價至22元 評級「買入」
大和發表研究報告,指中國人壽(02628.HK)管理層重申對價值增長與代理質素的關注,以及數碼轉型策略。新業務價值(VNB)仍是主要的指標,去年壽險新業務價值利潤率在個人渠道方面見輕微下跌,但表現仍優於大型同業。管理層期望今年VNB可維持穩定,但因相對高基數及「開門紅」同業競爭加劇而感到壓力。
受競爭加劇影響,該行預期國壽壽險VNB首季將錄高雙位數跌幅;隨著產品組合及VNB利潤率進一步改善,全年VNB則料有低單位數增長。該行下調國壽今明兩年盈測介乎7%至8%,主因潛在投資弱勢,因大量高收益產品以較低收益率重續,重申予「買入」評級,目標價由27元降至22元。
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