小摩：维持中国太保(02601)“减持”评级 目标价降至11港元
摩根大通发布报告称，下调中国太保(02601)目标价，由13港元降至11港元，维持“减持”评级。
该行表示，下调对公司明年及2025年新业务价值及新业务价值率预测，以反映对寿险销量在明年及2025年复苏放慢的预期。该行最新预测公司今年至2025年新业务价值同比增长9%至15%。另下调对公司明年及2025年每股派息预测至1.2及1.4元人民币，相等于9%及10%股息率。
报告指出，中国太保A股及H股分别采用中华人民共和国企业会计准则及国际财务报告准则17/9。但在国际财务报告猪则17/9下的披露有限，亦没有披露合约服务边际下的变动，因此目前难以评估寿险责任准备金的质量，亦难以评估预算在责任储备下目前锁定的未来寿险盈利。
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