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《大行報告》里昂調整內險股目標價 行業首選財險(02328.HK)
阿思達克 05-04 15:10
里昂發表研究報告指出,內險股已完成披露首季業績,當中財產險業績穩固,壽險業務則持續受疫情及投資市場波動的影響。 中國財險(02328.HK)首季綜合成本率(COR)達95.6%勝預期,市場憂慮的非車險COR亦超預期,錄得95.3%,為進一步重評鋪平道路。該行預測財險今年的COR達98.2%,仍然認為是行業首選。 該行將中國財險目標價由9.4元上調至10.3元,評級「買入」。惟於內險股披露首季業績後,基於疫情及持續的市場波動,對壽險的新業務價值預測及盈利預測作出下調,對壽險股目標價下調6%至10%(見另表)。此外,雖然A股市場情緒的逆轉可能導致壽險公司的投資回升,但中期潛在股價升幅或見頂,主要由於代理重組,新業務表現仍然疲弱。
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