《大行报告》大摩升友邦(01299.HK)目标价至97元料中期新业务价值升19%
摩根士丹利发表的报告指,预期友邦(01299.HK)上半年经营表现与首季相若,料新业务价值增长(按固定汇率计)将为19%,对比首季增速则为18%,当中香港及中国应继续带领增长,而泰国业务势头则持续复苏。该行将友邦目标价由91元升至97元,此相当预测今年新业务价值16倍,维持「增持」评级。
该行估计,友邦上半年公司经营税後溢利将为30亿美元,按实际汇率计算按年增13%,预期派息比率将维持在17%的水平,中期派息增长11%至每股0.324元。而部分亚洲地区货币相对美元弱势,但当中大部分市场的股市在今年上半年均呈升势,意味内含价值仍有实质增长。
大摩预期,友邦上半年计及汇率影响(即实际汇率计)新业务价值增长将为16%,反映次季增长略为向上至17.4%(按固定汇率计算则为20.3%),规模及利润均见扩张。
按区域划分,大摩估计友邦上半年情况与首季类似,旗下香港及中国人地业务带动主要的新业务价值增长,而中国新业务价值增长则为(按固定汇率计)35%,而香港增长则为17%。泰国新业务增长则料会稳定在10%的水平,而马来西亚及新加坡新业务价值将持平或呈负增长,在经济放慢的情况下市场亦已有预期。 ~
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