Analyst Research Report Snapshot

Title:

三商人壽(2867):績優壽險公司不該只有0.4倍EV

Price:

$35.00

Provider:

MasterLink Securities Corporation

Date:

20 Nov 2013

Pages:

5

Type:

AcrobatPDF

Companies referenced:

2867.TW

Available for Immediate Download
Summary:

買進評等:雖三商壽2012、2013年皆有不動產出售認列利益,而提升整體獲利,然觀察三商壽近三年投資收益率及資金成本皆呈現增長及改善表現,其中尤以避險成本不到50bps下,投資績效表現優於同業,因而若扣除不動產認列收益下,就三商壽本業獲利增長其實強勁,惟對照三商壽目前股價僅約當每股隱含價值的0.4倍,著實較同業低估,而元富保守以0.5倍每股隱含價值仍略低於同業平均水準來作為目標價,皆已具投資價值,故建議買進三商壽,目標價26元。(0.5 X 2013 EV)

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