《大行報告》大和上調財險(02328.HK)目標價至8.4元 評級「買入」
大和發表研究報告,指至2021年9月內地啓動車險自由定價後已經過一整年,因此,中國財險(02328.HK)截至2021年三季度的業績充分反映了改革的影響。總體而言,中國財險所受到影響比整個行業要溫和得多。
該行指出,公司第三季度的汽車綜合成本比率(CoR)按年提高0.8個百分點。管理層表示,每輛車的保費在第三季度已由從前幾個季度的大幅下滑中穩定下來。監於車險定價改革已經進行了一年多,管理層預計每輛車的車險保費和CoR將從這裏穩定下來。該行注意到,改革對中國財險盈利能力的影響遠低於整個行業,這主要歸功於公司的數據積累和強大的定價能力,以及費用效率和議價能力。
至於車險以外業務的CoR呈現惡化,管理層將此歸因於幾個方面,首先是河南洪水等自然災害和颱風導致更高的索賠;較低的淨已賺保費(NEP)確認率;以及更高的再保險分保率等。
該行重申「買入」評級,並將目標價由8.2元升至8.4元。該行將今年每股盈利下調 3%,但將2022-23年每股盈利上調 7%,以反映今年投資收益較低,以及2022-23年車險業務CoR較佳。
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