一表了解券商对友邦(01299.HK)於业绩後最新目标价及观点
友邦保险(01299.HK)今早股股价随大市向下。该公司上周五公布今年中期业绩，按固定汇率计算，新业务价值增长20%至22.75亿美元，轻微优於本网综合6间券商原介乎22.35亿元至23.25亿美元预测；年化新保费增加9%至34.43亿美元；新业务价值利润率上升6.2个百分点至65.6%。
如按实质汇率计，新业务价值增长16%；年化新保费增加6%；新业务价值利润率上升6.1个百分点。内涵价值权益为614亿美元；内涵价值为597亿美元，较2018年12月31日的数字上升52亿美元。
今年上半年，友邦总收入242.76亿美元；股东应占纯利38.64亿美元，按年增长132.49%，符合该行综合6间券商预测友邦上半年纯利料介乎25.54亿美元至42.3亿美元预期；期内每股基本盈利0.32美元，中期股息增14%至33.3港仙。税後营运溢利上升12%至28.98亿美元。
【内地潜力强 本港恐放缓】
友邦指，今年上半年按固定汇率计算，香港新业务价值增19%；中国新业务价值增34%。多间券商业绩後均唱好友邦发展前景，普遍认为受内地税改政策所带动，内地增长强劲的态势未变。税後营运溢利上升12%，基本自由盈余增长15%。公司增派2019年中期股息14%，反映财务表现持续强劲。
不过，香港区新业务价值增长恐因局势持续紧张而存在一定隐忧，瑞信发表报告表示，本港人寿保险长远基本因素大致上良好，不过新业务销售势头自7月开始放缓。该行实地调查显示保险商和代理正尝试纾缓负面影响，降低银行开户门槛和人民币贬值有助内地旅客购买香港保险。该行将友邦今年下半年香港新业务价值增长预测由14%降至4%，以反映近日不稳定因素，将目标价由99港元下调至96港元，维持友邦「跑赢大市」评级。
本网最新综合11间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
摩根大通│增持│108元
中金│跑赢行业│101元大和│买入│98元
高盛│买入(「确信买入」名单)│98元
摩根士丹利│增持│97元
海通国际│买入│96.2元
瑞信│跑赢大市│99-96元
汇丰环球研究│买入│95元
瑞银│买入│91-92元
麦格理│跑赢大市│90元
野村│中性│76.01元券商│观点
摩根大通│憧憬内地2020年全面开放市场，涉具大增长潜力
中金│中港和新业务价值超预期
大和│新业务价值胜预期，料中国市场增长续强
高盛│新业务价值胜预期，内含价值经营回报续有改善
摩根士丹利│新业务价值增长略胜预期 内地市场仍为最强劲增长来源
海通国际│低利率下更具弹性，内地增长强劲将抵消香港中期增长放缓影响
瑞信│香港新业务价值短期疲软，但无损长期基本面
汇丰环球研究│中国新业务价值继续成为关键增长动力，其次是香港
瑞银│中港新业务价值增长强劲，中国长期增长潜力更高
野村│本港局势持续紧张，料友邦旗下香港业务增长下半年或下滑
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