大摩:給予中國財險(2328.HK)增持評級 目標價11港元
摩根士丹利發表研究報告指,中國財險(2328.HK)的信用保險敞口一直都是市場關注的重點。該行認為,由於去年底已經撥出了大量的準備金,因此今年的損失很大程度屬可控。該行予中國財險目標價11港元,評級為增持。
大摩表示,集團披露,截至今年首季末,仍有約1100億元人民幣的未償還貸款敞口,而據分析,集團在去年底已預留230億元人民幣的儲備,可以吸收約15%的不良貸款而不會造成重大的承保損失。
該行又指,由於集團已堅定地削減敞口,其保費收入及貸款餘額急劇下跌的問題在2021年將變得微不足道。產險業務中的大部分業務都屬短期,因此問題將很快得到解決,並且不會影響估值太長時間。

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