《大行報告》里昂上調財險(02328.HK)目標價至9.3元 評級「買入」
中國財險(02328.HK)將在本月25日公布業績。里昂預計,財險的股本回報率(ROE)將在多年下滑後最終觸底反彈,因為盈利增長最終超過了股東權益的增長,認為這應該會支持逐步重估。里昂重申財險「買入」平均,目標價由9.2元上調至9.3元。
里昂預計,中國財險將在2021年全年實現99.5%的綜合成本率(COR),這意味著2021年第四季的COR為101.3%,由於資本水平強勁,其派息應保持穩定,維持在約40%水平。
里昂指,2020年9月啟動的車險綜合改革,導致2021年整個行業的COR惡化,但作為市場領導者的財險表現出相對的韌性,認為中期內可以維持98%的車險COR 目標,對於非車險板塊,由於汽車行業的溢出效應,預計競爭壓力會更大,但這可能不會持續太久,因為新的市場參與者缺乏管理非汽車行業波動的專業知識。
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