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瑞信:下調友邦(1299.HK)目標價至91港元 評級“跑贏大市”
格隆匯 10-25 11:17
瑞信報告指出,友邦(1299.HK) 將於下月15日公佈第三季業績,估計新業務價值9.89億美元,按實質匯率升1%,按固定匯率升1.2%,稍高於市場預期的9.84億美元。該行預期,香港第三季新業務價值按年跌中雙位數,基於內地訪客業務受影響,代理轉移焦點至境內客户,料可助改善利潤及抵銷受挑戰的新業務銷售趨勢。
中國方面,該行估計第三季新業務價值呈中雙位數增長,惟較上半年34%增長有所回落,料第四季中國增長勢頭回升,因基數高效應減弱。該行下調集團2019/2020年新業務價值增長預測至9%及14%(原為15%及17%),及因短期市場疲弱,調低本港及中國的新業務價值預測,目標價由96港元下調至91港元,評級“ 跑贏大市 ”。
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