Analyst Research Report Snapshot

Title:

國泰金控 (2882 TT, NT$44.3, 增加持股): 維持「增加持股」評等

Price:

$46.00

Provider:

KGI Greater China

Date:

05 Nov 2013

Pages:

6

Type:

AcrobatPDF

Companies referenced:

2882.TW

Available for Immediate Download
Summary:

壽險部門持續增溫 3Q13獲利118億元,季增49.2%,主因現金股利收益豐厚;2013-14年獲利預估分別上調29%和27% 國泰人壽持續受益於利率上升;預估2014年底負利差將縮減至10個基本點 中國大陸壽險和銀行部門將受惠於政策開放 根據2014年預估總和評價和壽險部門的1.0倍目標股價隱含價值比和國泰世華銀行1.2倍股價淨值比,我們的12個月目標價從47元上調至50元;重申「增加持股」 過去三個月公司股價表現分別超越大盤3.6%,目前股價交易在2014年每股淨值預估的1.85倍,居歷史區間1.2-2.5倍的中段。我們重申對國泰金的投資理由:壽險部門獲利可望隨著殖利率曲線正常化而獲得強化;不動產增值利益認列到2017年每年可增加100億元獲利緩衝;公司可望受惠於兩岸銀行和保險法規鬆綁。我們維持國泰人壽的目標股價隱含價值比1.0倍,國泰世華銀行目標股價淨值比則維持於1.2倍。根據2014年總和評量法,將12個月目標價自47元上修至50元,維持「增加持股」評等。

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