You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
一文綜合大行於中國平安(02318.HK)公布業績後最新目標價及觀點
中國平安(02318.HK)今早股價造淡,盤中曾低見53.4元一度下滑3.4%,最新報53.6元跌3.1%。大和表示,關注中國平安剩餘邊際(residual margin)首次下跌,去年下半年剩餘邊際較去年上半年倒退3%,意味未來稅後經營溢利增長展望疲弱,重申「沽售」評級。券商關注公司旗下經紀人數進一步減少,對未來新業務價值構成壓力。 中國平安昨(17日)收市後公布去年業績,總收入跌2.6%至1.287萬億元人民幣,營運利潤按年升6%至1,479.61億元人民幣;營運ROE達18.9%。純利跌29%至1,016.18億元人民幣,低於本網綜合14間券商預測下限1,028.89億元人民幣。派末期股息1.5元人民幣。 中國平巿去年壽險及健康險業務內含價值升6.3%至8,764.9億元人民幣。新業務價值跌23.6%至379億元,接近本網綜合11間券商預測下限370.33億元人民幣。截至去年底個人客戶數超2.27億;同時持有多家子公司合同的個人客戶數佔比升至39.3%。團體業務綜合金融融資規模按年增長26.9%。 【新業務價值跌 憂今年續受壓】 大和表示,中國平安去年新業務價值率按年跌5.5個百分點至27.8%,正如該行自2019年預期中國平安產品組合變化及新業務價值率持續轉差,在中國平安進一步轉向短期及低毛利率的新業務價值率渠道及產品中反映,長期保障產品在新業務價值貢獻比率亦按年跌19個百分點至33%。該行重申對中國平安的「沽售」評級,並稱在保險股中更偏好友邦(01299.HK)及中國財險(02328.HK)。 摩根士丹利指,中國平安去年新業務價值下跌24%符預期,營運利潤及派息仍按年升6%及8%,為股價帶來一些支持。新業務價值連續兩年下跌,若情況沒有轉變,將使中國平安更難維持營運利潤正面表現。該行認為市場仍關注中國平安的保險經紀改革,該行維持對中國平安的「增持」評級及73元目標價。 瑞銀指,中國平安去年第四季營運利潤按年跌5%及實際新業務價值按年跌24%,略勝該行預期。經紀人數進一步按季減少15%至60萬,相信仍將對新業務價值構成壓力。綜合成本率為98%亦勝預期。該行又指,中國平安壽險改善出現成果的初步跡象,首批直銷店貢獻10%新業務價值增長,展望今年,該行相信新冠防疫限制及持續的宏觀不確定性繼續對新業務價值及經紀人數構成壓力,尤其在今年上半年。該行料中國平安今年新業務價值按年跌12%。 -------------------------------- 本網最新綜合8間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 高盛│買入│95元 星展│買入│94.5元 野村│買入│85.56元 花旗│買入│85元 瑞銀│買入│78元 美銀證券│買入│81->77元 瑞信│跑贏大市│76元 摩根士丹利│增持│73元 大和│沽售│47元 券商│觀點 高盛│業績符預期,關注經營溢利、新業務價值及資本 星展│新業務價值增長料今年下半年改善,對股份看法愈益正面 野村│去年業績如預期般疲弱 花旗│壽業業務如預期平淡,改革仍在繼續 瑞銀│去年業績符預期,壽險改革初見成果跡象 美銀證券│去年業績較預期疲弱 瑞信│去年稅後經營溢利及新業務價值表現符預期 摩根士丹利│新業務價值再按年下跌,但盈利仍在增長 大和│去年新業務價值下滑24%,稅後經營溢利及派息展望不佳
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account