《大行报告》瑞银料友邦(01299.HK)五年後内地业务新业务价值超越今天总和
瑞银近日发表报告表示,友邦保险(01299.HK)将内地分公司改建为全资持股子公司,并自今天起生效,此属友邦中国增长策略的里程碑,并略优於市场预期,反映集团强劲的执行力,及对中国市场增长目标坚决,相信子公司形式可在资本、投资及拓展上支持其内地业务。
该行认为,友邦投资者已将焦点,从公司旗下本港业务转至友邦中国长期增长,料有助提高市场对友邦的估值(目前股价对内含价值为1.7倍,对比去年峰值为2倍),相信子公司获内地批准及设立分部将成今年股价催化剂,属该行的首选股,维持对其「买入」投资评级及目标价90元,此按综合方式作估值,相当未来一年内含价值的1.9倍。
瑞银料,友邦中国未来五年将成集团主要增长动力,估计友邦旗下内地业务五年後新业务价值,将超今日集团总体新业务价值,公司候任首席执行官兼总裁李源祥将於今年6月接任,可加强集团在内地增长策略。
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