大和證券:眾安在線(06060.HK)ESG價值突出,重申買入,目標價47港元
大和證券近日發佈亞洲保險行業ESG投資報吿,將ESG投資策略引入亞洲保險公司。大和證券認為,市場低估了眾安在線(06060.HK)在社會責任上的優異表現,重申買入評級,目標價47港元。
報吿稱,作為首家且是最大的互聯網保險公司,眾安在線有着全面的個人數據保護體系以將監管和聲譽風險降到最低。因此,眾安在線能夠在監管者和公眾面前誠實可信,這對收入增長也大有裨益。公司嚴格在用户授權下獲取必要的信息,不會從第三方收集個人信息,並且建立了數據安全的文化,讓每個員工都對數據安全負責任。
過去幾個月裏,監管者收緊了對短期健康險的管理,比如禁止保證續保和“首月0元”。大和證券認為,一方面,負責任的銷售方式將促進健康險市場可持續發展,另一方面,一些行業參與者已經退出了互聯網保險市場。因此,行業領頭者比如眾安在線將能夠在監管趨嚴和市場整治後獲益。
眾安在線採取純線上保險銷售,是中國第一個採用雲服務的保險公司,是積極的綠色行動的倡導者。報吿預計,眾安在線在低碳運營方面的成本將低於同行。並且,眾安通過輸出科技產品和解決方案,能夠幫助整個保險行業實現數字化轉型。截至2021年上半年,眾安的科技輸出業務在全球有69個保險機構客户。
在納入ESG(環境社會治理)的估值方式下,大和證券認為ESG分值越高的公司,在戰略、日常管理、風險控制、合規規範上都會表現更好。這些公司遭遇市場上系統風險影響的可能性更小,值得有更好的估值。我們根據亞洲保險公司的ESG方面的表現和預期趨勢,對他們打分。眾安在線在9家保險公司中排名第4,而且表現還在提升。因此,我們認為眾安在線的資本成本在13%,是9家同業公司裏第二優的。
總體而言,大和證券認為,市場低估了眾安在線在ESG方面的表現,重申買入評級,目標價為47港元。
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