《大行報告》高盛降友邦(01299.HK)目標價至94元 重申「確信買入」名單
高盛發表報告指出,早前發表的報告主要針對現時香港的情況對友邦保險(01299.HK)潛在盈利的影響,但並無談具體的影響或時間點,但該行認為友邦在不同的場景下,盈利下行空間亦有限,但料香港新業務價值或受影響,特別是向內地客方面的銷售,而對友邦而言海外客戶(特別是內地客)佔2018年新業務價值的66%。
該行表示,將友邦今年下半年新業務價值預測下調12%,以反映香港銷售放慢的影響,意味全年新業務價值預測亦將削5%,該行同時將友邦今年純利預測下調14%,以反映股票投資虧損的影響,決定將其目標價由98元降至94元,重申為「確信買入」名單。
高盛指出,友邦股價已自七月高位下跌14%,同期恆指跌幅約為11%,該行估計了額外兩個情況下的影響,一個情況是內地客停止自2020年起來港投保,另一情況是若續保變得困難,內地投保人決定放棄所有現有保單。該行的分析顯示兩個情況將帶來19-23%的負面影響,而公司股價跌幅亦已反映內地客來港投保大跌七成的影響。但該行相信,只要香港人壽保險保費仍較內地相同產品便宜,以及香港保單繼續以美元計價,相關情景發生的可能性很微。
另外,高盛認為友邦100%持有其中國運作公司,有助轉移香港保單銷售減慢的影響,而友邦中國亦在內地七個較富有的市場點,相在保障類產品中亦是重要的參與者,相信即使客戶決定由境外轉向境內,仍能捕足相關的需求。 ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.