《大行報告》高盛下調新華保險(01336.HK)目標價至25元 評級「中性」
高盛發表研究報告指出,新華保險(01336.HK)第三季業績明顯受到投資市場波動影響,期內錄得純利按年跌51%,低過預期,首年保費收入按年跌21%,主要由於代理及銀保渠道收入分別跌27及20%所致,反映保險銷售仍然充滿挑戰。
該行將新華保險的2021至2023財年純利預測分別下調9%、7%及5%,意味著其資產回報率由2021財年的1.3%,降至2023財年的1.1%,並將2021至2023財年新業務價值預測下調4至10%,反映尤其是保單期較長的產品銷售持續疲弱,估計2023財年的新業務價值由按年增長4%,下調至小幅增長0.3%。目標價由26.6元降至25元,維持「中性」評級。
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