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大和:降中國財險(2328.HK)目標價至10港元 評級“買入”
格隆匯 07-27 12:36

大和發表研究報告指,預料中國財險(2328.HK)今年上半年的承保利潤按年增長30%。由於第二季一次性税收抵免影響,產生較高基數影響,預料集團上半年淨利潤將按年跌20%。該行下調中國財險目標價11.1%,由原來的11.25港元降至10港元,評級維持“買入”。

大和表示,雖然今年上半年的車險保費增長繼續放緩,但意外及醫療保險(A&H)按年增長21%。該行預料,集團的上半年的綜合成本率(CoR)按年增長60基點至97%,主要由於封鎖措施推行期間,索賠額減少,汽車的CoR可抵銷信用保險索賠額急升,以及近日洪水帶來的較高索賠額,反映第二季的CoR將按年持平。

該行又指,踏入下半年,預料信用保險的惡化將會扭轉,由於集團開始收緊承保標準,加上去年第四季在有關方面降低敞口,信用保險的拖累將會減至最低。

此外,該行又提到,隨着第三輪的汽車保險管制放寬有望於今年第四季開始,預計每架汽車的保費收入將會降低,而賠付率將上升,相信集團有可能獲得市場份額,並錄得優於同業平均水平的CoR

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