大和:予友邦(1299.HK)“買入”評級 指其為亞洲金融股首選
大和發表的研究報告指,友邦保險(1299.HK)
提出將其上海分支轉為全資子公司,而其他友邦於內地的現有分支在子公司成立後亦會納入其中,而新的子公司將名為“
友邦人壽保險有限公司
”。該行認為公司是亞洲金融股中首選,認為在中國內地市場可有可觀增長,而香港本地業務亦理想,配合CEO順利交接等,將帶動2020年有強勁表現,予其“
買入
”投資評級。
該行明白友邦
在
中國擁有地理擴張潛力,而從監管角度來看子公司與分支比較,屬較好的載體,因為子公司屬獨立的法律個體而分支則不是,新的模式將有助公司在內地的擴張。此外以子公司形式營運將可提升後勤效率,有助改善其開支比率。另一方面,子公司可讓友邦投資更多資產類別,但相信對公司影響較微因為友邦中國主要聚焦保障類產品。惟值得留意的是子公司如返還利潤至集團時,將有5%的預扣所得税,而分支則未有相關規定。
大和指出中國將於明年1月1日取消人壽險企現有的外資持股50%上限,外資險企將可在中國申請擁有公司及業務牌照,該行估計友邦首先將正式申請相關轉換,之後則會選擇在合適區域逐步擴展,相信較有可能進入浙江、福建、山東及重慶等地,並預計公司在內地可有效執行其業務模式,而不需在新的地區搶佔市場份額,或推出全國化業務模式。
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