野村:微升中國財險(2328.HK)目標至11.7港元 料首季承保盈利改善
野村發表研究報告指,市場錯估了新型冠狀病毒肺炎對中國財險(2328.HK)的潛在影響,預料集團今年首季的承保將有改善,盈利增長相對強勁。該行將中國財險目標價輕微上調0.69%,由11.62港元升至11.7港元,維持“買入”評級。
野村預料,由於社交活動的減少,包括車險業務在內的主要業務線虧損都有所改善,因此今年首季整體業務的承保盈利能力都將有改善,而健康保險的索賠損失可能會增加,但相信屬可控。
該行又下調集團2020年的綜合成本比率預測0.5%,又指今年首季的保費收入增長受到負面影響,行業有關的憂慮有根據,並認為提高利潤率變得更為重要。該行同時將今年的保費增長預測下調5個百分點至4%,指出疫情屬一次性影響,維持長期行業前景看法不變。
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