野村:中國財險(2328.HK)業績符預期 維持買入評級
野村發表研究報告出,中國財險(2328.HK)截至6月30日止中期純利按年下跌22%至大約130億人民幣,符合該行預期,意味第二季按年少賺41%。野村維持其目標價為9.02港元,評級為買入。
野村報告指,中國財險業績倒退,主要因去年次季基數較高,集團上半年税前盈利按年增加4.3%,主要受惠於承保利潤按年上升23%,較預期為佳,惟投資收入減少5.6%,則遜預期,淨資產比年初增加0.5%,亦低於野村預期。
報告提到中國財險上半年綜合成本率為97.3%,略低於去年上半年的97.6%,意味第二季為97.4%,按年及按季比較均轉差,主要因為信用保證險惡化,抵銷了車險改善的大部分影響。
野村又估計,今年底開展的車險改革措施將對中國財險的營收及盈利構成壓力,預計車險綜合成本率將會惡化,其後才會改善,至於下半年信用保證險將繼續受壓,而近期高層變動和下半年洪災增加,也令不確定性因素增多。不過野村維持中國財險今年綜合成本率預測為99.5%不變。

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