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《大行報告》摩通下調眾安在線(06060.HK)目標價至36元 評級「中性」
阿思達克 01-11 10:05
摩根大通發表的研究報告指,眾安在線(06060.HK)於去年7月初顯著跑贏後,於去年第四季表現跑輸29%,估計股價將在現水平徘徊,予股份「中性」評級,將目標價由46港元降至36港元,中期認為公司作為價先的保險科技公司,有較強的渠道及產品組合優勢,不過對核保方面看法較審慎,故將公司2021/22財年盈利預測降32-45%,各至5.55億元人民幣(下同)及13.4億元。

在車險改革方面,眾安在線線上流量正常化及競爭增加等亦屬挑戰,故將2021年預測綜合比率由98.1%升至99.5%,而在科技收入方面,變現進度慢過該行預期,故將2021/22年相關收入預測降63%及65%,將相關價值貢獻由每股14元降至每股5元。

摩通估計眾安在線收入增長維持疲弱,未來三年平均約在23%左右,反映了車險改革、線上流量自疫情復甦起減慢,以及渠道競爭增加等,而去年首十一月公司保費收入增長14%,意味公司由加速階段轉向溫和增長階段。(el/w) ~

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