《大行報告》匯豐研究升友邦(01299.HK)目標價至95元料中期新業務價值升16%
友邦保險(01299.HK)將於8月23日開市前公布上半年業績,匯豐研究發表研究報告,料期內友邦新業務價值(NBV)按年升16%至22.66億美元,受惠於業務量及毛利上升;年化保費料按年升11%至36.09億美元,中國內地、香港及泰國屬主要增長引擎。
匯豐另料友邦上半年新業務利潤率達62.8%,按年擴大2.7個百分點,主要受不同國家業務貢獻有利組合帶動;此外,集團內涵價值料583億美元,較2018年增長7%;據國際財務報告準則,匯豐料友邦上半年稅後經營利潤錄29.19億美元,按年升10%。報告並料友邦上半年每股分派33港仙,按年增長14%。
報告指,上述增長預測以列表基準計算,料平均匯率變動對列表數字帶來2%至3%的不利影響。匯豐維持予友邦「買入」投資評級,目標價由94元升至95元。匯豐補充,本年至今友邦股價累升31%,跑贏恆指同期表現19%;該行料歸功於友邦獲准擴大內地業務等有利因素。
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