《大行報告》瑞銀:友邦(01299.HK)除本港外其他業務穩固 關注今年前景指引
瑞銀發表研究報告指,以固定利率計算,友邦(01299.HK)去年新業務價值增長6%,略低於預期7%,相等於第四季跌12%,相信反映香港社會事件和應對今年挑戰所做的準備。除香港外,新業務價值增長為16%,中國繼續成增長主要動力。未來香港中期的增長由社會事件轉移至新型肺炎疫情,料會成為分析會議焦點,予目標價88元,評級「買入」。
該行指,公司業務下半年受內地旅客減少而影響,但本地仍見雙位數增長,反應部份新產品推出後發展良好。內含價值回報維持在15.9%,下半年稅後經營溢利為7%,略低於預期。全年派息升11%,相等於派息比率提升1個百分點至34%,符合市場預期。目前關注管理層對今年首季的業務表現、在今年餘下日子如何捉緊需求、中國擴張計劃,以及今年新策略指引。
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