You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》摩通:內險股可於首季業績期收集 看好平安、國壽及財險
阿思達克 04-20 14:27
摩根大通發表的研究報告指,內地險企今年以來跑輸恆指,主要因為首季新保單銷售復甦相對較慢,為反映業務趨勢,該行微調了今年新業務價值預測,相信短期新業務價值復甦較慢的因素已大致反映,相信險企風險回報有改善,而相關因素尚未反映在股價上。認為可在首季業績期收集中國平安(02318.HK)、中國人壽(02628.HK)及中國財險(02328.HK)。

該行指出責任準備金波動一直是壽險股折讓的主因,由於險企通常出售利潤較低的短期儲蓄保單,拖累到資產負債表的複利能力及內含價值,導致盈利及派息在不同的業務及宏觀環境下波動亦較大。參考去年的資料,該行有信心責任準備金質素有改善,所以即使去年新業務價值減慢,險企大有穩定盈利並提升派息比率。另外該行相信資產質素風險今年相對較細。

摩通指出壽險銷售復甦溫和,估計今年首季新業務價值增長將為4%,其中國壽將為3%,而平安將為5%,將2021年新業務價值增長微降至7%,不過對內地壽險股未來四至六季新業務價值增長有信心,估計增長可達雙位數。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account