《大行報告》大和下調財險(02328.HK)目標價至8.2元 評級「買入」
大和發表研究報告,預期中國財險(02328.HK)上半年承保利潤與去年同期比較將錄得輕微上升,但預期下半年承保利潤及投資收入增長都將受高基數影響。
該行預期,上半年毛保費將按年增長2.5%,主要受惠於意外及醫療保險業務增長21%、責任保險升19%及農業保險升16%,但部分被汽車保險保費收入下跌8%所抵銷。
大和指出,在信貸風險減少下,綜合成本率表現有所改善,但汽車保險成本率料按季增加,因此預期上半年綜合成本率將升至97.2%,料全年達98.9%,按年持平。
大和上調財險2021財年每股盈測7%,反映今年股本投資回報強勁,同時認爲派息穩健,對財險重申「買入」評級,但考慮到車保業務及息率,下調其2022-23財年每股盈測2%至6%,將目標價由8.6元下調至8.2元,估計上半年淨利將按年增長20%至35%。
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