大摩:予中國人壽(2628.HK)大市同步評級 目標價20港元
摩根士丹利發表研究報吿指出,中國人壽(2628.HK)發盈喜,預計公司首季純利按年增加55-75%至265-299億元人民幣,意味今年首季盈利恢復至2019年首季的水平(約260億元人民幣),予公司H股20港元目標價,投資評級為與大市同步。
大摩認為,A股反彈,以及新業務價值隨生產力提升,可構成國壽股價上行的風險,而下行風險是增長遜預期、毛保率受壓、A股下跌和出現資本風險。
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