《大行報告》花旗:財險(02328.HK)上季純利遜預期 下調目標價至10.5元
花旗發表報告指,財險(02328.HK)第三季業績差過市場預期,綜合成本率(CoR)因為天災而受挫,投資收入因為按市值計算的損失而下跌,首三季盈利按年倒退26%至194億元人民幣,總投資收益率按年跌0.8個百分點至2.7%,其中公允價值變動損失46億元人民幣。
該行將財險今年至2025年三年期間的每股盈利預測,分別下調10%、2%及2%,投資收入預測分別下調18%、3%及4%,承保預測維持不變,目標價由10.9元下調至10.5元,評級「買入」,並結束30日負面催化監察,認為公司在同業之中表現最好,在持續的汽車保險改革中,定位相對較佳;對於低息環境及新會計準則轉變,所受影響較小;股息率較高、因此較具防守性。
該行相信來自汽車保險改革的影響逐漸淡化,財險作為最大財產保險商,能夠較佳地應對電動車帶來的行業變化。
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