Analyst Research Report Snapshot

Title:

國泰金(2882.TT)外匯避險專家,高利潤保單加持,維持買進

Price:

$12.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

19 Mar 2014

Pages:

3

Type:

AcrobatPDF

Companies referenced:

2882.TW

Available for Immediate Download
Summary:

殖利率上升挹注投報率,大陸布局腳步持續邁進,維持買進:金融營業稅方面,若營業稅由2%調升至5%,則國泰金稅負增加14.7億元,影響獲利約4.5%。國壽2013年FYPE穩居同業第一,其保單銷售通路業務員佔比達82.3%,三年期以上分期繳保單佔比也過五成,在未來類定存保單銷售限制變嚴的情況下,對其影響相對有限。大陸布局方面,國泰大陸第二分行青島分行以及上海自貿區支行預計於2Q14開業,而上海閔行支行也已在3月開業,未來計畫於深圳設立第三家分行以及申設子行。研調處認為,隨著美國QE緩退,帶動債券殖利率上升以及外匯波動,依照國壽目前的策略配置而言將是同業當中最受惠的,除了新錢投報率提升外,避險成本也可望保持在低檔。綜合以上,維持買進,目標價54元(PBR=2.1X2014BVPS)。

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