《大行报告》麦格理降财险(02328.HK)评级至「中性」 目标价上调至8元
麦格理发表研究报告,指中国财险(02328.HK)至今在减少车保改革对毛利冲击上有所建树,股份亦获得重评,惟该行预期未来数季最差情况尚未来到,下调今明两年每股盈测5%及7%,将目标价升11%至8元,但投资评级降至「中性」。
报告称,现估值不高,但不认为近期反弹可以持续,直至有更多证据显示中期承保毛利率可见度上升。反之市场对短期毛利率预期或过於乐观,该行认为有下行风险。
麦格理称,财险首季综合成本率(CoR)仅轻微升至94.6%属健康,但在短期及中期而言料不可持续。该行分析指其毛利率压力今年趋升,集中於首三季,并料第四季初期见顶,并料首季CoR未反映该趋势。(da/a)
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