大和重申友邦(1299.HK)“买入”评级目标价98港元
大和发表研究报告指,近期香港的示威活动,预期将对友邦(01299.HK) 的新业务价值(VNB)造成影响,特别是内地客方面。
该行指,若六个月内,内地游客下跌40%,预期对年化新业务价值造成4%的一次性影响,而整体集团今年的新业务价值增长放缓至14%。而在目前的预测下,即一季度内地游客下跌20%,相信有关影响是一次性,故对估值影响有限。

该行又指,预期内地客的需求仍然持续,主因中国居民财富增长、香港人寿保险价格较吸引、产品较成熟、以及代理亦较专业,故相信短期的活动不会影响整个大结构。
该行指,目前公司的新业务价值估值是低於2010年上市以来平均值,近期股价回落为罕有吸纳机会,重申“买入”评级,目标价98港元。
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