《大行报告》瑞信上调财险(02328.HK)目标价至7.3元 评级「中性」
瑞信发表研究报告,指内地汽车保险改革对行业综合成本率(CoR)带来压力,但相较同业,中国财险(02328.HK)今年首两个月CoR升幅相对较小,估算其首季CoR将跑赢同业,料低於96%,去年首季则为97.1%,因亏损中贷款业务敞口按年减少,及列帐车保CoR较健康。
该行指出,财险去年股息率达6.4%,今年预测股息率达7.4%属吸引,但未来派息比率进一步上升空间料有限,因去年及今年派息比率40%较同业而言已算高。公司亦重视累积资金为新机遇作准备。该行上调财险今明两年盈测分别6.8%及3%,目标价由6.1元升至7.3元,评级「中性」,反映内地车保改革带来持续压力。
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