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野村上调中国财险(2328.HK)目标价至11.03港元维持“买入”评级
格隆汇 07-24 11:46

野村发表研报指,中国银保监会最近发布措施,以进一步收紧汽车保险业的监管,并惩罚破坏市场秩序的大型企业和忽视监管的中小型企业,预料车险佣金将继续有改善。该行将中国财险(2328.HK)的目标价上调3.76%,由原来的10.63港元升至11.03港元,并维持“买入”评级。

野村表示,将中国财险的2019至2021年的盈利预测上调12%,而股本回报率(ROE)预测则上调14%。该行指,自中国银监会及保监会合并后,银保监会采取了多项强而有力的监管措施去应对市场混乱,同时亦只有少量的保险公司因违反车险法规而受到处罚。不过最近银保监会多次发布公告,加强车险监管。

该行认为,商业车险的佣金比率将会继续有改善,虽然一般和管理费用(G&A)可能会相应上升,但费用率将会跟随佣金比率而下降,同时相信费用率的下降将超过损失率的上升,因此综合成本率会有所改善。

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