野村:維持中國財險(2328.HK)目標價11.12港元 評級“買入”
野村發表研究報告指,預計中國財險(2328.HK)今年首三個季度的綜合成本率(COR)為97.8%,第三季的COR為98.3%,認為公司COR顯著改善,主要由於在嚴謹的監管下,汽車保險的盈利能力有所提升。該行維持中國財險目標價11.12港元,以及“買入”評級。
對於公司的非車險業務,野村表示,由於非洲豬瘟的負面影響,預期年複合率將會略微下降,又認為今年非汽車業務的競爭加劇,導致非汽車業務的承保壓力有所增加。
該行表示,公司第三季的保費收入按年跌8%,相信是由於新車銷售疲弱,行業的車險保費增長放緩,以及公司某些分支機構被監管部門要求糾正不當行為,而需要停止銷售車險。
野村維持對中國財險2019至2021年的盈利預測,目前的行業趨勢亦證實了該行的預期,即中國財險在今年下半年綜合成本率將會按年改善。
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