<p>Hiscox，这家金融行业公司，今天被华尔街分析师重新评估。来自 Jefferies 的分析师 Derald Goh 将该股票的评级下调至卖出，并给出了 1,068.00 英镑的目标价。</p>
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<p>Derald Goh 之所以给予卖出评级，是由于影响 Hiscox 财务表现和市场定位的多种因素。尽管公司在 5 月宣布了一项新的零售和成本计划以改善回报，但 Hiscox 的股本回报率（ROE）仍然低于同行。预计该公司要到 2028 年才能缩小这一 ROE 差距，这表明相对于竞争对手，Hiscox 将经历一个长期的表现不佳期。</p>
<p>此外，Hiscox 的承保风险似乎高于其商业形象所暗示的水平，公司未能实现足够的利润来抵消这些风险。Hiscox 的市场隐含股本成本约为 10%，低于 Beazley 和 Lancashire 等同行，这表明 Hiscox 的估值并未得到其过往业绩和未来前景的支持。此外，Hiscox 的盈利前景较弱，预计在伦敦市场的专业业务和再保险及 ILS 领域的收益将低于市场共识。这些因素导致当前股价有 20% 的下行空间，评级被双重下调至表现不佳，目标价设定为 1,068 便士。</p>
<p>Goh 覆盖金融行业，专注于 Sabre Insurance Group plc、Admiral 和 Hiscox 等股票。根据 TipRanks 的数据，Goh 的平均回报率为 16.7%，推荐股票的成功率为 79.13%。</p>

<p>Hiscox 被杰富瑞分析师 Derald Goh 下调至 “卖出” 评级，目标价为 1,068.00 便士。此次评级下调归因于长期表现不佳、承保风险上升以及利润率不足。Hiscox 的股本回报率（ROE）预计在 2028 年前将低于同行，导致股价预计下跌 20%。该公司的盈利前景在关键领域也低于市场共识，进一步证明了下调至 “表现不佳” 的合理性</p>

<p>Hiscox, the Financial sector company, was revisited by a Wall Street analyst today. Analyst Derald Goh from Jefferies downgraded the rating on the stock to a Sell and gave it a p1,068.00 price target.</p>
<div class="lb-trans"><p>Hiscox，这家金融行业公司，今天被华尔街分析师重新评估。来自 Jefferies 的分析师 Derald Goh 将该股票的评级下调至卖出，并给出了 1,068.00 英镑的目标价。</p>
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</div><p>Derald Goh has given his Sell rating due to a combination of factors impacting Hiscox’s financial performance and market positioning. Despite efforts to improve returns through a new retail and cost plan announced in May, Hiscox’s return on equity (ROE) remains weaker compared to its peers. The company is expected to close this ROE gap only by 2028, indicating a prolonged period of underperformance relative to its competitors.</p>
<div class="lb-trans"><p>Derald Goh 之所以给予卖出评级，是由于影响 Hiscox 财务表现和市场定位的多种因素。尽管公司在 5 月宣布了一项新的零售和成本计划以改善回报，但 Hiscox 的股本回报率（ROE）仍然低于同行。预计该公司要到 2028 年才能缩小这一 ROE 差距，这表明相对于竞争对手，Hiscox 将经历一个长期的表现不佳期。</p>
</div><p>Additionally, Hiscox’s underwriting risks appear higher than suggested by its business profile, and the company is not achieving sufficient margins to offset these risks. The market-implied cost of equity for Hiscox is approximately 10%, which is lower than that of its peers like Beazley and Lancashire, suggesting that Hiscox’s valuation is not justified by its track record and future outlook. Furthermore, the earnings outlook for Hiscox is weaker, with projections falling below consensus for the Specialty earnings in the London Market and Re &amp; ILS segments. These factors contribute to a 20% downside to the current share price, leading to a double downgrade to Underperform with a price target set at 1,068p.</p>
<div class="lb-trans"><p>此外，Hiscox 的承保风险似乎高于其商业形象所暗示的水平，公司未能实现足够的利润来抵消这些风险。Hiscox 的市场隐含股本成本约为 10%，低于 Beazley 和 Lancashire 等同行，这表明 Hiscox 的估值并未得到其过往业绩和未来前景的支持。此外，Hiscox 的盈利前景较弱，预计在伦敦市场的专业业务和再保险及 ILS 领域的收益将低于市场共识。这些因素导致当前股价有 20% 的下行空间，评级被双重下调至表现不佳，目标价设定为 1,068 便士。</p>
</div><p>Goh covers the Financial sector, focusing on stocks such as Sabre Insurance Group plc, Admiral, and Hiscox. According to TipRanks, Goh has an average return of 16.7% and a 79.13% success rate on recommended stocks.</p>
<div class="lb-trans"><p>Goh 覆盖金融行业，专注于 Sabre Insurance Group plc、Admiral 和 Hiscox 等股票。根据 TipRanks 的数据，Goh 的平均回报率为 16.7%，推荐股票的成功率为 79.13%。</p>
</div>

由于长期表现不佳和风险上升，Hiscox 被降级为 ‘卖出’