中金:重申友邦保險(1299.HK)“跑贏行業”評級 維持目標價101港元
中金公司發佈報告稱,友邦保險(01299.HK)公佈其2019年三季度業績:新業務價值按固定匯率算同比增長1%,按實際匯率算同比持平,符合市場預期。
與此同時,香港本地業務出現雙位數增長,大幅強於預期,表明了友邦保險高質量代理人團隊的韌性和適應能力。內地新業務價值增長保持強勁,在三季度的困難形勢下,友邦保險在內地壽險市場的表現繼續好於大多數內地同業,儘管公司的部分增長歸因於有利的税收法規變化。
該行預計,公司在內地市場的強勁表現有望持續到今年四季度。馬來西亞業務的增長超出預期,而泰國和新加坡的業績表現符合預期。其他市場的兩位數增長主要來自東盟國家。
該行表示,近期公司股價回調,我們認為亞洲壽險市場的長期增長前景並未改變,在全球無風險利率下降的背景下,公司受收益率下降的影響有限,因此我們認為友邦保險是具備吸引力的資產。對其重申“跑贏行業”評級,維持目標價101港元。

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