《大行報告》建銀國際降中國平安(02318.HK)目標價至50元 評級「跑贏大市」
建銀發表報告指,中國平安(02318.HK)一如該行憂慮,修訂去年業績實際假設,下調壽險及健康險內涵值長期投資回報率假設0.5個百分點至4.5%,以及風險折現率1.5個百分點至9.5%。該行指,公司內涵值、合約服務邊際、自由現金流動發展不順利,均顯示公司價值被蠶蝕。
該行又指,按國際財務準則,中國平安盈利按年跌23%至867億元人民幣,較該行及市場預期低14%及15%,主要受疲弱投資收入影響。稅後經營溢利按年跌20%,差於該行預測18%。去第四季財險、銀行及資產管理業務急速惡化。按新系列假設,中國平安去年新業務價值按年升8%,按舊準則按年升36%,略高於該行預測。
該行下調對中國平安今明兩年新業務價值增長預測5%及3%,反映稅後經營溢利增長15%及7%。目標價由55元降至50元,維持「跑贏大市」評級,以反映公司卓越的執行力及於壽險及長者護理業務的地位。
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