《大行報告》摩通下調中國太保(02601.HK)目標價至11元 維持「減持」評級
摩通下調中國太保(02601.HK)目標價,由13元降至11元,維持「減持」評級。
該行下調對公司明年及2025年新業務價值及新業務價值率預測,以反映對壽險銷量在明年及2025年復甦放慢的預期。該行最新預測公司今年至2025年新業務價值按年增長9%至15%。該行亦下調對公司明年及2025年每股派息預測至1.2及1.4元人民幣,相等於9%及10%股息率。
該行指,中國太保A股及H股分別採用中華人民共和國企業會計準則及國際財務報告準則17/9。但在國際財務報告準則17/9下的披露有限,亦沒有披露合約服務邊際下的變動,因此目前難以評估壽險責任準備金的質素,亦難以評估預算在責任儲備下目前鎖定的未來壽險盈利。
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