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《大行報告》大摩升財險(02328.HK)目標價至12元評級「增持」
阿思達克 06-03 11:55

摩根士丹利發表報告表示,上調對中國財險(02328.HK)盈利預期和目標價9%,以反映稅務下調,並認為其估值折讓並不合理,因公司持續錄雙位數增長和未來進一步業務改善,該行重申對其「增持」投資評級,目標價由11元升至12元,此相當預測今年賬面值1.4倍。

該行指,中國財險自2015年起估值下跌,雖然股本回報有增長及市佔率穩定,但公司能夠在周期底部的環境下仍然錄11%的股本回報率,因此認為目前的估值屬不合理。

大摩表示,中國財險管理層新的轉變,包括針對盈利能力,確保穩定佣金收入、新增汽車零部件和收窄和競爭對手相比的賠付比率等。該行上調對財險今年盈利預測13%,並調高對其2020年及2021年盈利預測各3%及6%。

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