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小摩:更新内险股评级及目标价(表) 仍看好中国平安(02318)及中国财险(02328)

Xiao Mo: update the rating and target price of internal risk stocks (table) is still optimistic about Ping An Insurance (02318) and PICC Property and Casualty (02328)

智通財經網 ·  Oct 25, 2021 15:53

Zhitong Financial APP learned that Xiaomo released a research report saying that the performance of the mainland life insurance sector so far this year has led to the failure of the bank's conservative expectations. The bank had expected life insurance sales to recover after the epidemic.Ping An Insurance (02318)As the first choice to outperform the market. So far this year, the stock price reflects exceptPICC Property and Casualty (02328)In addition, other life insurance stocks that have been "increased" have "lost to the big market", especially Ping an A / H shares.

According to the report, the bank cut its forecast for new business value growth this year and next year, from 3 per cent to 12 per cent this year and from 14 per cent to 12 per cent next year, reflecting a slow recovery in insurance sales. After a difficult year, life insurance stocks have been tested at the bottom of their valuations, and the bank continues to be bullish on Ping an H shares and property insurance. After the disclosure of more real estate-related data in the third and fourth quarters, the bank may consider turning its view on other life insurance stocks to a positive view, but will not chase other stocks for now.

The bank said that towards the end of the year, it likes Ping an H shares, due to a cumulative pullback of 34 per cent so far this year, reflecting the bottom of Ping an's valuation in a highly pessimistic situation. For property insurance, minimum risk asset exposure and potentialAutomobilePremium recovery will be the catalyst. The bank expects property insurance profits and dividends to be less risky. For other life insurance stocks, valuations are attractive, especially H shares. Therefore, after the announcement of this year's full-year results in March next year, we will redeploy the investment in life insurance stocks, or there may be better risk returns.

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