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野村:維持財險(2328.HK)目標價11.12港元 評級“買入”
格隆匯 10-30 14:55

野村發表研究報告指,中國財險(2328.HK)今年首三季的綜合成本率為97.9%,意味第三季的綜合成本率為98.5%,大致符合該行預期。該行維持全年綜合成本率98%的預測,又指第三季強勁的數據證實了該行認為將在下半年見到比率改善的預期。該行維持集團目標價11.12港元,以及“買入”評級。

野村表示,集團首三季的綜合成本率有改善,相信主要是由於嚴格的監管制度正發揮作用,令汽車保險的承保利潤率有所改善。中國財險首三季純利按年增長67%,反映單計第三季,集團的純利按年增長3.7倍,該行認為是因為車險承保利潤率有所提高,以及有效税率由去年的74%降低至今年的37%。

同時由於強勁的淨利潤增長,該行估計,今年首三季的股本回報率(ROE)為19.3%,較去年同期的12.9%高出6.4個百分點。

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