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半年盈利挫7成 拆解保誠為何應可買

保誠(SEHK:2378)的業績雖跌,為何依然值得買入? –

活躍於香港市場的保險品牌眾多,保誠(SEHK2378)便是其一領先品牌。集團最近公布2020上半年業績,有何亮點?

中期面臨肺炎逆風

保誠作為全球市場領先保險品牌,業務板圖遼闊,在美國等成熟市場經營穩定業務,更積極在亞洲、非洲等增長市場捕捉機遇。然而,新冠肺炎疫情帶來衝擊,集團指出各地政府推行的防疫措施為集團上半年的銷售表現及盈利能力帶來負面影響。保誠期內來自持續經營業務的分部利潤按年減少4%,計入投資回報波動、非經常性溢利及調整後,股東應佔來自持續經營業務的稅前利潤則錄得約43%同比跌幅,期內利潤更大減73%

亞洲業務表現硬朗

今年第二季保誠在亞洲市場所錄得的年度保費等值銷售額按年下跌45%,首季度則錄24%同比跌幅。集團在亞洲市場面臨最大挑戰的是香港市場因防疫措施導致中國內地訪客人次大減,變相無法接觸購買力強勁的潛在客戶群,香港市場的年度保費等值銷售額在上半年錄得64%同比跌幅,遠遜於亞洲分部整體表現。

不過,香港以外市場的表現相對穩定,尤其中國內地在今年第二季度的年度保費等值銷售額更按年增加20%。此外,集團指出保障產品需求在疫市中有所加強,旗下7個壽險市場的健康及保障產品的銷售佔比較去年同期有所提升。儘管保險銷售在疫市期間受影響,亞洲經調整經營溢利仍有12%同比增長,主要是壽險續保保費增加,以及客戶留存率高企等因素帶來的正面影響。

聚焦亞洲增長市場

然而,亞洲業務的正面貢獻被美國業務的利潤倒退所抵消,但集團最近指出Prudential plc董事會已決定完全分拆美國主要業務—— Jackson,並將專注發展增長力較高的業務,包括亞洲

集團指出亞洲地區人口持續擴張,可為集團旗下產品帶來持續增長的需求,而亞洲市場的滲透空間依然龐大。例如保險滲透率在英國為國內生產總值7.5%,但亞洲市場目前僅得2.7%,而互惠基金滲透率在美國市場超過90%,但亞洲市場則只有12%。作為亞洲地區領先市場的保險品牌之一,保誠專注開拓增長空間的策略有望在長線帶來可觀回報。

結語

儘管新冠肺炎疫情帶來沉重打擊,但保誠亞洲業務表現依然穩定,集團更有意專注於開拓亞洲市場的增長潛力,長線投資價值依然吸引。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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