《大行报告》瑞信升友邦(01299.HK)目标价至99元评级「跑赢大市」
瑞信发表研究报告,引述总理李克强指中国将会在2020年前取消人寿保险公司的外资所有权限制,较原定的2021年提前了一年。该行预期,这将会令行业出现更多外国参与者,或能加快地域扩张。
该行更认为友邦(01299.HK)会是主要的受益者,因为与其他同业相比,有31个未开发地区将为其带来具大的上行空间。另外,往绩亦显示其卓越的经纪模式及强大的执行力。虽然取消外资所有权限制後,或会面对更多竞争,但认为友邦仍能维持其主要优势。
由於开放保险市场的时间表加快,因此瑞信将友邦在中国地区扩张的预期时间亦提早一年,估计加速扩张将会为公司带来15亿美元的额外价值,占目前中国业务5%。将公司目标价由原来的98元上调至99元,维持其「跑赢大市」投资评级。
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