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Author: Tan KW   |   Latest post: Wed, 12 May 2021, 7:28 AM

 

【行家论股/视频】伦平 总保费料温和增长

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分析:大马投行研究

目标价:14.30令吉

最新进展

实际税率走低,让伦平(LPI,8621,主板金融股)2021财年首季净利按年增5.6%,净赚8231万令吉。 

首季营业额则录得4亿4078万6000令吉,按年增9.1%。 

 

行家建议

伦平首季核心净利符合预期,分别占我们与市场全年预测的23.5%和23.6%。

首季总保费收入按年滑落3.1%至4亿7100万令吉,我们相信这是因为火险保单的更新减少所致。另外,首季初出现的行动管控令(MCO)2.0限制,也影响了销售活动。

展望今年,我们预计总保费将维持温和增长。汽车销售税豁免政策延长至6月底,将刺激新车销量,进而惠及公司的车险业务。

另外,MRT 3项目重启,建筑承包商对全险保单的需求也可能会让公司受惠。

然而,经济复苏不均,将影响房产需求和火险总保费收入增长,而火险更是占了伦平保险业务的最大部分。

综上所述,我们维持伦平的“守住”评级和财测,但目标价按照2022财年的估值预测,上调至14.30令吉。

 

 

https://www.enanyang.my/行家论股/【行家论股视频】伦平-总保费料温和增长

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