瑞信:維持中國財險(2328.HK)中性評級 目標價升至7.5港元
瑞信發表研究報吿表示,將中國財險(2328.HK)目標價由7.3港元升至7.5港元,維持中性評級。
報吿指,中國財險上半年總保費按年增長2.5%,意味着第二季按年跌1.5%,6月份升9.3%。汽車保費疲軟可能會在第三季延續,但應該從第四季開始受惠於基數效應。意外險與健康險(A&H)和農業險保持強勁勢頭,而預計下半年保費溢價將進一步縮水。
該行估計,綜合成本率(CoR)在上半年下降0.3個百分點至97%,面臨信用額度的風險虧損。未來由於改革,下半年的汽車險CoR壓力仍在繼續。在信用風險降低的支持下,非車險的CoR應改善。
該行表示,將今年上、下半年及全年的每股盈利預測作修訂,分別為上調18%、調低20%及上調2%。

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