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《大行》星展銀行降衆安在線(06060.HK)目標價至20元 重申「買入」評級
星展銀行發表報告表示,衆安在線(06060.HK)2025年首四個月累計保費按年增長13%,表現強勁,該行預計增長動能將延續至2025財年,但金融科技子公司虧損收窄速度慢於預期,該行分別小幅下調對衆安在線2025至2026財年盈利預測1.8%和3.4%。目標價由21.2元下調至20元,重申「買入」評級。 該行指,衆安在線推動健康險業務擴張(如通過「衆民保」等產品),短期內可能因理賠增加而面臨壓力,但持續率的改善有望支持營銷費用下降,推動費用率降低,並長期改善綜合成本率。與此同時,受益於底層貸款資產質量的改善,信用保證險預計將延續2024年下半年的高盈利表現。 該行表示,市場低估了衆安在線(ZA Bank)的潛在價值,衆安銀行去年7月成爲香港首家實現營運盈利的虛擬銀行,衆安在線持有該業務43.43%股權,對應價值8.87億美元,而當前股價尚未反映此部分價值。此外,衆安在線已通過延長債券久期、將權益投資重分配至高股息股票來重新平衡投資組合,以提升淨投資收益率。該行預計,債券組合的按市價計值收益及中資銀行的穩健表現,將推動投資收益率從當前 3.6% 向同業水平(超過5%)提升。(hc/w)~
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