《大行報告》瑞銀微降眾安在線(06060.HK)目標價至20元 評級「沽售」
瑞銀發表的研究報告指,眾安(06060.HK)去年全年綜合成本率(CoR)為113.3%,反映下半年的綜合成本率為117.6%,稍低於該行預期,主要因為消費者金融方面的撥備,而去年下半年淨虧損7.33億元人民幣(下同),此外亦有6.5億元非保險業務虧損,但相關影響部分被強勁的投資收益所抵銷,該行相信眾安仍須向第三方應用程式付出龐大開支獲取客戶,而問題在於眾安能否留住客戶並推動重續及跨平台銷售,以改善其開支比率表現,故將公司目標價由20.4元降至20元,維持「沽售」評級。
該行認為公司綜合成本率遜預期,主要因為考慮到宏觀環境,加大了消費者金融方面的撥備,但受惠產品組合改善開支比率有所下降,該行指出健康及生活已成為旗下兩大生態系統,認為將帶動今年總保費收入的增長。該行估計眾安將減少在旅遊、消費者金融及車險方面的焦點。瑞銀指出公司償付能力充足率為500%,而去年上半年為543%,而2月份總保費收入增長為46%,較去年12月及今年1月的增長為慢,相信其健康業務的保障需求有些是來自傳統渠道。(el/k) ~
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