《大行報告》中金升保誠(02378.HK)目標價至169元 三大因素刺激疫後估值修復
中金髮表研究報告指,保誠(02378.HK)在其經營的亞洲15個市場中,在其中11個市場長期佔據前三位的市場份額,但其估值往往低於同業友邦保險(01299.HK)。該行認爲,這是由於歐洲內含價值(EEV)原則下的風險貼現率(RDR),保誠估值低於友邦、股票流動性相對較低等,導致投資者對不斷變化的戰略和增長前景的瞭解有限。然而,隨着外部幹擾消退,該行對公司在疫情後復甦持樂觀態度。
該行指,三大因素刺激保誠疫後估值修復,保誠將受惠於本港與內地通關;加上旗下合營中信保誠擁有獨特的商業模式,爲集團提供高增長潛力。該行估算中信保誠在2017至2022年間新業務利潤年均複合增長達16%,高於友邦。另在去年8月中旬獲納入南向通後,保誠H股交投顯着增加,公司亦積極與投資者溝通,有望收窄流動性折讓。
中金上調保誠目標價9.7%至169港元,維持「跑贏行業」評級。
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