《大行報告》大和降中國平安(02318.HK)評級至「沽售」 目標價下調至47元
大和發表報告,將ESG風險納入對中國平安(02318.HK)的財務預測及估值框架,主要包括其銷售行爲、數據私隱、投資風險管理和披露,及公司管治等方面。
該行表示,平安因地方分支機構的不當銷售行爲多次被中銀保監罰款,除壽險產品的誤導銷售外,亦擔心集團保險代理積極交叉銷售銀行產品、醫療服務和小額貸款會帶來風險。由於監管限制和對品牌形象的負面影響,該行下調對平安的保費和新業務價值預測。
大和又稱,集團也因非法收集數據而被監管機構罰款,而其對房地產業務的投資風險管理和披露不足,同樣導致該行降低投資收益預測。另一方面,由於股東對平安最近一次董事會改選的異議增加,顯示其公司管治惡化。
大和將中國平安股份評級由「持有」降至「沽售」,目標價由56元下調至47元,以反映ESG風險等令新業務價值及稅後經營利潤增長轉弱。該行同時將集團2021年至2023年新業務價值預測調低1%至8%,稅後經營利潤及純利預測則下調1%至4%。
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