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《大行報告》瑞銀降港交所(00388.HK)目標價至288元 太保(02601.HK)及財險(02328.HK)「攻守兼備」
瑞銀髮表研究報告指,近期內地一系列監管變化,反映出中央爲避免系統性風險,以及加強消費者保護的政策方針,預期今年中國壽險公司的淨利潤將保持單位數增長,主要是由於風險偏好較低和保險產品相對吸引力增強。其中預測中國財險(02328.HK)2024年承保利潤將增長10%,主要由於保費預期將健康增長6%,以及資本成本略有改善。 該行表明看好壽險股,認爲中國太保(02601.HK)及財險各具進攻及防守性,當中前者銷售業績料領先行業表現,並擁有穩定派息;而後者則因財險業務的週期性相對較低,且提供約7%股息回報率,具有一定吸引力及穩定性,均給予「買入」評級。財險目標價從10元上調至10.6元,太保目標價則維持26元。 瑞銀又指,在《國際財務報告準則第9號》實施後,預計保險公司將增加對通常以資產淨值計量的高股息率股票的配置,在2023年較低基數上,今年險企有充足的空間來實現淨利潤增長。 另外,瑞銀憧憬港交所(00388.HK)日均成交額可溫和回升,但淨投資收益料錄得逾10%的跌幅,預計政策支持將繼續改善流動性,並重振新股市場,但進展取決於市場情緒爲如何,維持「中性」評級,目標價由296元降至288元。
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