摩通:升财险(2328.HK)目标价至12.7港元 评级“增持”
摩通发表研究报告指,财险(2328.HK)
上半年业绩胜预期,盈利按年增长39%,而第二季综合成本比率为97%,核心偿付能力充足率达到242%的稳固水平。该行见到承保上升周期逐渐开始,汽车保险亦有更好的监管控制,以及在非汽车保险方面有更好的风险选择,故将财险目标价由12.3港元升至12.7港元,维持
“增持”
评级。
该行出席分析员会议后,将财险2019年度盈利增长预测调高至58%,以及降低有效税率至15%(此前为27%);将2019年度汽车赔付率预测由58.5%升至61%,并将2019年度及2020年度综合成本比率预测,分别由97.6%及96.6%,轻微调高至97.8%及97.4%;该行亦维持2019年度派息比率预测为40%,而基于调高盈测,故将2019年度每股派息预测由0.39元人民币升至0.44元人民币,意味着股息率达5%,高于市场预期的3.5%。
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