《大行報告》野村下調中國平安(02318.HK)目標價至106.04元 評級「買入」
野村發表報告將中國平安(02318.HK)目標價由111.66元下調至106.04元,主要因為將其長期內含價值營運回報(RoEV)下調100基點至14.5%以反映壽險業務的疲軟勢頭,以及反映旗下上市附屬的最新市值。評級「買入」。
野村指,在信用保證保險業務的推動下,預計今年上半年財產和意外傷害保險(P&C)業務的綜合賠付率,從去年上半年的98.1%改善至97.6%。然而,由於高基數效應和車險改革的負面影響,車險業務可能仍然面臨壓力。該行保持對2021財年綜合賠付率98.8%預測不變。
另外,野村預計,今年上半年中國平安稅後營運溢利(OPAT)將按年增長5%,當中壽險業務的OPAT增長料放緩,華夏幸福對非壽險業務盈利能力帶來撥備壓力,而銀行和P&C業務的盈利能力改善,尤其是平安銀行(000001.SZ)受惠低基數效應。
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