《大行報告》瑞銀調整內險股A股目標價 首選中國平安(02318.HK)
瑞銀發表研究報告指,內險股將陸續於下周公布上半年業績,預期壽險業務仍面臨壓力,而財險業務將有所改善,該行覆蓋的A股保險公司中預測上半年平均新業務價值(NBV)將下降32%,主要是由於疫情反彈、利潤率壓力和高基數的影響。
該行估計,上半年財險綜合成本率(COR)為97.1%,較去年同期的97.5%回落(意味改善)。瑞銀又指,以市盈率計,內險行業估值已屆歷史低位,認為市場已經消化大部分不利因素,憧憬NBV下半年跌幅可能收窄,並於明年恢復增長,同時預期平均代理生產力將提高,以及房地產相關風險潛在緩和,都將是催化劑。
瑞銀調整內險A股目標價,幅度介乎上調1%至下調18%,將中國平安(02318.HK)列為行業首選,相信其醫療保健整合戰略可以帶來長期競爭優勢。
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