智通财经APP获悉，星展发布研究报告称，重申中国太平(00966)“买入”评级，将2024及2025财年的净利润预测，分别上调10%及1%，同时上调2026财年的预测。至于对太平的VNB预测将保持不变。考虑到上述因素，将太平目标价由12.3港元上调至18港元。
报告中称，中国太平的新业务价值(VNB)于2024财年上半年增长86.3%;新业务合约服务边际(CSM)同比增长28.3%至120亿元人民币;内涵价值(EV)同比增长9.5%。该行认为，凭借2023财年下半年较低的基数，强劲的增长动力预计将持续至2024财年下半年。
该行提到，公司的财产和意外伤害保险，以及再保险业务的质量取得显著改善，主要由于非自动化领域的质量增长、以利润为中心的战略、对再保险领域重大天然灾害(NATCAT)风险的良好控制。该行还指出，太平对质量及利润方面的关注将会持续。
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