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麥格理:維持友邦(1299.HK)“跑贏大市”評級 目標價89港元
格隆匯 01-08 15:34
麥格理髮表報告指,傳媒報道友邦(1299.HK) 區域首席執行官蔡強辭任,蔡強在2017年獲任命為區域首席執行官,負責中國、馬來西亞、越南和台灣營運。該行認為,蔡強在中國市場交出持續的良好業績,而集團上市以來該市場的新業務價值年均複合增長率有約40%。本次蔡強的離任令該行感到失望,而且認為對集團而言並非合適時間,因集團對執行方面要求嚴格,以在未來數年自然地於中國建立代理網絡。
該行表示,友邦最近稱將重組其在中國的分公司,而自今年起中國對人壽險商的外國機構投資限制已完全取消,相信此可使資本適度釋放,但時間及規模尚未清楚。若以2012年集團將新加坡子公司重整的例子應用於本次中國重整,該行估計或可推動內含價值約3.4億美元。
麥格理維持對友邦的“ 跑贏大市 ”評級,目標價89港元,認為雖然集團去年下半年在香港的銷售非常疲弱,但股價呈現明顯韌性,但若情況持續,恐怕也會使短期股價受制約。

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