《大行報告》瑞信下調財險(02328.HK)目標價至7.1元 評級「中性」
瑞信發表研究報告,指出財險(02328.HK)的綜合成本率按年增加30個基點至97.3%,主要是受惠於開支下降,但部分被較高的索賠額所抵銷。稅後淨利潤按年下跌22%至132億元人民幣,兩項數據均大致符合預期。承保利潤按年增長23%至53億元人民幣,主要是受到汽車業務帶動,而非汽車產品的表現則有所惡化。
展望下半年表現,該行認為其承保利潤表現改善是否可持續尚未清晰,因為即將進行的汽車保險改革、持續的信用保險損失及自然災害將對此有影響。該行將公司2020至2022年的每股盈利預測下調2至3%,目標價由原來的7.8元下調至7.1元,以反映中期業績表現,維持「中性」投資評級。雖然面對上述的營運不利因素,但現時估值不高。
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.