大行评级丨星展:下调中国太平目标价至17港元 重申“买入”评级

格隆汇
May 26, 2025
星展发表研究报告指,中国太平主要附属公司太平人寿今年首季净利润按年升87.5%至30亿元,但投资收入和公允价值变动则按年大跌93.3%,导致税前利润跌18.5%。期内总保费收入增长为1%;考虑到去年第三季起息口较低,以及集团渠道成本优化,该行料新业务价值(VNB)将有多于10%的按年增长。
该行将中国太平2025及2026财年的净利润预测分别上调3.3%及4.4%,以反映税务开支减少;考虑到利率持续低迷对公司内含价值的影响,目标价由18港元降至17港元,但重申“买入”评级,因公司产品组合有效转型及VNB前景稳健。

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