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《大行報告》大摩:內險次季銷售趨勢勝預期 有助支持估值復甦
摩根士丹利發表報告指,內險股於昨日(15日)上升介乎5%至10%,是一段時間以來未見的單日升幅。基本面而言,該行預期行業第二季的銷售趨勢將好於預期,隨著對A股預期的變化,相信終於可見內險股估值出現有意義的恢復。 該行表示,很多投資者對壽險股的資產風險、增長放緩及利率敏感度有憂慮,令有關H股估值已被推低至平均預測市盈率約5倍,和預測市賬率約0.6倍。 大摩認為,經紀數量穩定、第二季好於預期的銷售趨勢,加上流動性寬鬆應有助支持保險商估值回升。不過,若未能在今年下半年實現可持續的增長復甦,或出現意外及令人失望的政策,內險股目前的反彈或只屬短暫。
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