花旗:首予雲鋒金融(0376.HK)“買入”評級 目標4.6港元
花旗發表的報告予友邦保險(01299.HK)及雲鋒金融(00376.HK)“買入”評級,認為雖然社會不穩,但對香港保險業長遠看法正面,認為市場成熟兼且有較好的往績、企業管治以及穩定的監管環境,同時亦具創新及增長潛力等。該行認為旅客下跌所帶來的保單銷售壓力可控,加上由於香港投保可以美元計算,一來方便離岸資產配置,二來亦有利定價,故所受影響將較短暫。
該行予友邦目標價80港元,認為公司於亞洲市場業務具質素,加上亦受惠內地市場開放等。而云鋒金融亦首予“買入”評級,目標價4.6港元,認為公司可提供跨境業務,加上具很強的金融科技基因及獨特的股東背景,料可成行業的「擾亂者」。該行認為雲鋒有馬雲及雲鋒資本支持,而最近亦收購了美國萬通保險亞洲,相信可透過其技術為行業帶來改變,特別是跨境保險業務方面。
該行認為香港保險行業較少受政府幹預,加上具穩定的管理及策略,同時亦受惠經紀生產力所推動。雖然現時香港保險滲透率17%已是全球第二,但市場仍具潛力並料可受惠內地開放保險行業,而香港醫保、年金扣税方面的政策、保險科技及保險互聯互通等亦料可繼續帶動增長。
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