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《大行报告》瑞银升财险(02328.HK)目标价至7.8元 评级「买入」
阿思达克 03-24 14:56
瑞银发表研究报告指,财险(02328.HK)去年综合比率为98.9%,稍胜预期,主因汽车改革影响低於预期,相等於下半年综合成本率为100.6%。纯利逊预期,主因投资收益未如预期所致。派息比率40%,股息率近6%。该行料今年车保续有压力,目标价由7.3元升至7.8元,维持「买入」评级,相信长期而言,公司可以重新增加市占率。

该行指,公司的综合比率在去年下半年增至98.3%,亏损率只升0.3个百分点,反映车保改革影响低於预期,相信可以维持承保盈利水平。而非车保的总保费收入跌15%,非汽车保险综合比率在下半年增4.1个百分点。

该行相信投资者焦点包括汽车保险的竞争、2月保费表现和今年展望、公司长远策略与短期风险。(ic/u) ~

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