《大行報告》大和上調眾安在線(06060.HK)目標價至35元 評級「買入」
大和發表研究報告指,眾安在線(06060.HK)的保費增長及盈利能力穩健,科技軟件及與ZA Bank亦為集團帶來額外的估值上升空間,重申「買入」評級,目標價由30元上調至35元。由於受惠投資和匯率,加上該行將估值基礎向前推進一個月,將集團2023至24年盈測上調18至107%。
該行表示,儘管2020至22年監管收緊,但認為集團持續從較小的參與者中獲得健康保險業務的市場份額。儘管去年下半年確診數字激增,但與疫情相關的索賠仍然健康,相信集團已為此準備了足夠的儲備。
不過,該行提到,集團的盈利對股市敏感,因為承保利潤貢獻較小,而且技術業務仍處於虧損狀態。該行估計,集團去年將錄得12億元人民幣的淨虧損,惟集團認為在今年採用IFRS 17簡化了費用確認,可能對其盈利產生較小的積極影響。
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