大行評級|大摩:予中國財險“增持”評級及目標價13.9港元 列為首選
摩根士丹利發表報吿指,中國財險首季盈利按年跌38%,低過該行預期,投資收入和承保利潤亦因高基數拖累而下降。綜合成本率升2.2個百分點至97.9%,主要是因為巨災損失和交通出行上升所致,但仍勝同業。該行定其目標價為13.9港元,予“增持”評級,列為首選。
報吿指,盈利下降的原因是承保利潤和其他利潤均錄得跌幅。投資收入下降主要是股權投資出現損失,但整體綜合收益率應還不錯。每股賬面價值按季升3.8%至每股10.8元,股本回報率仍為10%(去年首季為17%)。 綜合償付能力充足率為228%,核心償債能力充足率為207%,分別小幅下降4個百分點和2個百分點。
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