《大行報告》國泰君安證券下調保誠(02378.HK)目標價至108.64元 評級「增持」
國泰君安證券發表報告,維持保誠(02378.HK)「增持」評級,下調目標價至108.64元。受惠投資收益改善,新會計準則下保誠去年淨利潤17.01億美元,實現扭虧爲盈。考慮到今年海外降息預期對投資端負面影響以及高基數下保險業務增長壓力,下調2024至2026年每股盈利預測爲0.87/1.12/1.19美元,參
考港股上市同業平均P/EV爲0.85倍,考慮公司香港業務增長放緩以及內地銀保業務下滑影響大於同業,給予10%折價,對應0.77倍P/EV。
國泰君安預計,香港業務進一步增長及內地困境反轉將驅動今年新業務價值增長。基於內地訪港客業務持續旺盛,以及去年新增4,000名代理人,預計供需同振驅動香港地區新業務價值增長持續向好。內地壽險公司中信保誠人壽積極推動代理人渠道轉型推動產能提升,去年12月保誠及中信集團分別向中信保誠增資12.5億人民幣,預計股東增資將有效支撐業務發展。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.