《大行報告》瑞銀下調新華保險(01336.HK)目標價至19.4元 評級「中性」
新華保險(01336.HK)首季長期險首年期交保費85.66億元,按年下降18.3%,瑞銀髮表報告,認爲水平合符該行預期,由於更依賴銀保渠道,產品組合已更多轉向單次繳費的產品,意味着毛利率面臨壓力。瑞銀將2022年盈利預測從170億元人民幣,下調至130億元人民幣,以反映投資表現,將2022年新業務價值預測,由原先預測的按年跌7%,下調至按年跌11%,並將目標價從20.5元下調至19.4元。
瑞銀認爲,新華保險以銷量爲中心的銷售策略,在把握中國長期保單市場機會方面的優勢較少,維持「中性」評級。
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