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《大行報告》中金首予保誠(02378.HK)「跑贏行業」評級 目標價176元
阿思達克 02-24 10:54
中金髮表研究報告指出,亞洲是全球最大的壽險市場,增長前景穩健。受惠於經濟的快速發展、中產家庭數量增長和保障意識的提升,未來亞洲保險市場仍有較大發展空間。作爲亞洲市場第一梯隊的保險公司,預計保誠(02378.HK)將持續受益於亞洲保險市場的擴張,首次覆蓋保誠,予以「跑贏行業」評級,目標價176元,對應股價對內含價值的1.21倍。 該行認爲,保誠因確定性強的業績增長而具備投資價值,其股權結構相對分散,大股東對管理決策幹預較少帶來戰略定力,同時高管考覈與股東回報高度掛鉤;公司深耕亞洲市場,剝離傑信人壽後更專注於亞洲業務的發展,豐富的壽險經驗和多年經營成果的積累使得公司擁有獲取高品質業務的能力,新戰略下公司業績增長有望超過市場預期。 此外,中金指保誠優秀的投資能力有望助力瀚亞成爲新的盈利增長點;較爲審慎的精算假設帶來較高的內含價值可信度;領先的C端數碼化平臺Pulse提供健康管理等一站式服務,提升獲客能力的同時推動老客戶覆購。
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