眾安在線(06060.HK):2020年上半年股東淨利預計大幅增長,維持“收集“評級,目標價58.03港元
機構:國泰君安
評級:收集
目標價:58.03港元
眾安在線(06060HK)預計其2020年上半年的股東淨利潤將錄得不低於100%的增長。公司表示,股東淨利的大幅增長是由於質量較好的保費增長所帶來的綜合成本率改善。我們注意到,自2019年上半年以來,眾安減少了綜合成本率較高的業務。積極的影響應在2020年上半年釋放。
2020年1-5月保費增長減速至16.6%,可能是由於消費金融生態保費下降所致。年累計保費增長從2020年第一季度的33.7%降至2020年1-5月的16.6%,略低於我們的預期。鑑於疫情所激發需求的增加,健康生態應該在2020年上半年保持強勁的保費增長。消費金融生態方面,我們認為信用險保費應該在2020年上半年大幅減少。自2019年下半年以來,信用險一直受到經濟不景氣的影響。信用違約的增加導致了更高的賠付率。由於企業在2月和3月的停業,疫情使情況更加惡化。因此,眾安應該在2020年上半年積極地減少了消費金融生態的保費規模。
上調目標價至58.03港元並維持“收集”評級。由於互聯網相關股票的投資情緒轉好,我們將2020年市銷率上調至4.0倍,相當於58.03港元。考慮到承保活動的改善以及眾安銀行和眾安人壽在香港的成立,我們維持“收集”投資評級。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.