《大行報告》匯豐研究下調中國平安(02318.HK)目標價至84元 評級「買入」
匯豐研究發表報告,下調中國平安(02318.HK)目標價由93元至84元,維持評級「買入」。
該行預計,中國平安在2021年至2024年將實現10%內含價值、8%稅後運營利潤和7%的每股股息年複合增長率,但根據該行預測,新業務價值在2023年前不會上升,並指有關前景仍然不樂觀,代理人數量可能進一步下降,不太可能完全被增加的生產力所抵銷。
報告指,在分析師電話會議上,管理層沒有爲今年的新業務價值或稅後運營利潤提供任何指引。而今年應是壽險改革的最後一年,管理層希望增加鑽石代理人的數量,並開發其他渠道,如社區網絡、銀行保險和兼職代理人。在2021/2020年期間,鑽石代理的人均新業務價值高出20%,人均收入高出15%,而普通代理人在此期間的人均保單銷售量上升了15%。
另外,管理層指,在C-ROSS II下的償付能力狀況高於監管的最低標準,但平安可能會申請過渡性安排,並在今年首季報告中提供進一步披露。至於股息派發將繼續基於營運利潤。公司亦在ESG目標和倡議方面取得進一步進展。
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