《大行報告》瑞銀升財險(02328.HK)目標價至13元 評級「買入」
瑞銀發表報告表示,基於對監管環境樂觀,以及利率下行周期下,投資價值上升,上調中國財險(02328.HK)目標價22%,由10.6元上調至13元,此相當於預測今年市賬率1.06倍,評級為「買入」。
該行料,財險去年全年保費收入按年增長6.3%,但去年第4季度增速放緩至1.7%,主要是因為公司主動削減了高風險的非汽車保險業務,以提高承保盈利能力。汽車保險業務的保費增長維持在5%。瑞銀預計,2024財年整體保費增長有6%,當中汽車保險業務將繼續實現5%的保費增長,而非汽車保險業務將從過去的雙位數增長放緩至7.3%。
綜合成本率(CoR)方面,瑞銀預計財險2023財年將達到98.2%,汽車保險和非汽車保險的CoR分別為97.1%和99.7%。同時,又預計非汽車保險部門將是五年來首次實現承保盈利。
至於派息方面,瑞銀預計中國財險每股派息將略有增長,達到0.49人民幣,意味著有約5%的股息率。
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