大和:升財險(02328.HK)評級至“買入” 目標價上調至11.5港元
大和發表報告表示,認中國財險(02328.HK)之盈利能力已過最壞時刻,相信其綜合營運比率將自今年下半年起反彈,其中車險分部長達四年錄得綜合營運比率下降之趨勢將迎來尾聲。該行上調對中國財險投資評級,由“跑贏大市”升至“買入”並納入為該行的行業首選,目標價亦自10.2港元提升至11.5港元。
該行指,人保(01339.HK)及財險集團之發展策略亦見成果,其中電子化、人保助財險拓直接銷售渠道,及業務整合與交叉銷售皆造成正面影響。
大和相信中國財險股本回報率亦將回升,料今年(撇除税務一次性影響後)可升至13.3%,料2020年及2021年進一步各升至14.1%及14.6%。
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