大和:重申中国人寿(2628.HK)买入评级 目标价降至16港元
大和发表研究报吿指,预期中国人寿(2628.HK)今年第二季受压,估计上半年新业务价值将按年跌22%,纯利按年增长40%。将公司目标价由原来的22港元削减至16港元,重申买入评级。
大和表示,受到保障型产品业务继续面临全行业需求疲弱、市场竞争加剧和监管审查趋严等拖累,集团6月份的保费进一步放缓至按年下跌3.5%。因此,上半年毛保费按增长亦放缓按年升3%。该行估计,集团的代理人数目,于6月下旬减少至约115万人。
该行预期,集团的首年业务保费收入和新业务价值表现疲弱,但上半年纯利稳健,主要受到强劲的股票投资、营运支出效率提升,以及准备金压力缓解所推动。该行又指,预期今年全年集团的新业务价值按年跌15%,又将2022至2023年的盈利预测下调10%至11%,以反映保障型产品说争加剧、长期投资回报下降和2021年的股票投资回报强劲。
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