大和:升中国财险(2328.HK)评级至“跑赢大市” 目标价上调至10.2港元
大和发表研究报告,指自2015年2月以来首度看好中国财险(02328.HK)的前景,因预期利淡因素将过去,相信第三季承保趋势会转好,评级由“持有”升至“跑赢大市”,目标价由9.5港元升至10.2港元。

该行指,预期确认净赚保费(NEP)相对毛保费的比例於第三季见底,去年同期基数低是原因之一。
该行表示,中银保监自2019年起,以「报行合一」有效控制行业佣金支出率,相信监管机构的执行力会更加严格。
该行又指,公司纯利於去年第三季按年跌74%,综合成本率按年呈现4.2个百分点恶化,主因竞争加剧令汽车佣金开支急增,及有效税率高企,而有关因素于今年不再存在,故预期第三季以至下半年业绩表现有改善。
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