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《大行報告》匯豐研究下調財險(02328.HK)目標價至11.2元 綜合成本率令人失望
阿思達克 11-01 10:07
匯豐研究發表報告指,中國財險(02328.HK)第三季保險收入按年升8.6%,其中汽車保險按年升5.2%、非汽車保險按年升14.2%,首九個月財產和意外傷害保險的綜合成本率(CoR)升(惡化)至97.9%,按年同期升1.7個百分點,意味著單計第三季CoR為101.7%(按年同期急升4.6個百分點),受到汽車索賠頻率較高及第三季天然災害影響,均超出該行預期,整體令人失望。 該行指,即使第三季錄得天然災害相關虧損,但財險管理層繼續目標今年汽車保險CoR低於97%,而非汽車保險則低於100%,同時強調會優先考慮業務結構優化而非擴張。派息比率維持純利40%,但管理層未有回應今年每股派息會否高於去年。 匯研將財險目標價由11.4元下調至11.2元,評級「買入」。
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