摩根大通发表研究报告指，内险股去年表现跑赢大市，惟今年受到明显的宏观不利因素影响，令该行业吸引力下降。该行下调主要的内险股评级。当中，中国平安(02318.HK) 由“增持”降至“中性”，目标价由78元降至50元；偏好财险(02328.HK) ，由“减持”调升至“增持”，目标价由7.8元升至15元，而中国人民保险集团(01339.HK) 则由“中性”升至“增持”，目标价由3.3元升至4.7元。
该行表示，中国10年期国债收益率已跌至1.6%的历史低位，这是快速且大幅地下跌。由于保险业务的长尾性质，预计潜在的宏观不利因素将逐步而非大幅反映于财务状况。然而，该行关注偿付能力资本容量的中期风险，这可能导致股息压力、业务增长放缓及资产负债管理(ALM)恶化。因此，该行认为估值倍数有收缩的机会。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-10 12:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.