《大行報告》裏昂首予保誠(02378.HK)「買入」評級 目標價253元
裏昂發表研究報告,首予保誠(02378.HK)「買入」評級,目標價253元,指其經過分離英國和美國業務後,現在可與友邦保險(01299.HK)匹敵,現時估值較友邦大幅折讓。裏昂相信保誠已經建立了高質量的特許經營權,並有吸引力的複合增長關鍵指標,認爲估值倍數最少應該不遜友邦。
裏昂表示,相信保誠會比友邦從中港通關獲益更多,因爲保誠新業務價值組合中香港市場佔比較友邦更高,並全面革新董事會組成、管理層關鍵績效指標和股息政策,與其轉向以亞洲爲中心的策略相一致。該行指,保誠正尋求全資擁有內地合資企業,相信此業務會帶來價值。
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