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瑞信:降新華保險(1336.HK)目標價至43.5港元 評級“跑贏大市”
格隆匯 10-31 12:19

瑞信發表研究報告,指新華保險(01336.HK)今年首九個月的除税前溢利按年增長69%至130億元人民幣,意味第三季的增速為29%,主要是受到一次性的税收減免所致。在強勁的續保帶動下,第三季的總保費按年增長6%,而首年保費則按年下跌23%。

該行估計在第三季度末,經紀數目穩定增長至46萬,為未來的新業務及2020年的銷售復甦舖路。由於管理層變更後近期出現不確定性,整體新業務銷售維持疲弱。展望未來,該行欣賞公司在價值及保費增長上有更平衡的發展策略,但仍需要時間等待新業務價值復甦。將公司的目標價由原來的46港元下調至43.5港元,維持“跑贏大市”投資評級。

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