《大行報告》瑞銀升財險(02328.HK)目標價至7.8元 評級「買入」
瑞銀發表研究報告指,財險(02328.HK)去年綜合比率為98.9%,稍勝預期,主因汽車改革影響低於預期,相等於下半年綜合成本率為100.6%。純利遜預期,主因投資收益未如預期所致。派息比率40%,股息率近6%。該行料今年車保續有壓力,目標價由7.3元升至7.8元,維持「買入」評級,相信長期而言,公司可以重新增加市佔率。
該行指,公司的綜合比率在去年下半年增至98.3%,虧損率只升0.3個百分點,反映車保改革影響低於預期,相信可以維持承保盈利水平。而非車保的總保費收入跌15%,非汽車保險綜合比率在下半年增4.1個百分點。
該行相信投資者焦點包括汽車保險的競爭、2月保費表現和今年展望、公司長遠策略與短期風險。(ic/u) ~
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