交銀國際:首予友邦(1299.HK)“買入”評級 目標價100港元
交銀國際發表報告指出,中國市場助友邦保險(1299.HK)持續成長,首予“買入”評級,目標價100港元。友邦保險新業務價值增長主要來自香港和內地市場,新業務價值率提升來自地區結構改善。友邦的中國新業務價值率顯著高於其他市場,並有望保持快速增長,佔比持續提升,使友邦更具成長性和持續性,預計2019-2021年新業務價值增速8.5-17.1%。
該行稱,內地訪客業務短期內難以好轉,但需求仍在,預計如果香港社會在2020年中恢復穩定,內地訪客的新單標準保費同比下降5.4%。內含價值增長主要來自新業務價值,營運偏差持續正向貢獻。內含價值對利率假設敏感度較低。在利率持續下降下,投資價值仍然突出。

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