野村:友邦保險(1299.HK)受累於低息環境 降目標價至75.54港元
野村發表研究報告指出,友邦保險(1299.HK)將受累於低增長和低息環境,下調其長期投資回報預測50點子,以反映低息壓力,目標價因而降低11%至75.54港元,即較昨日收市價有10%上行空間,但維持“中性”評級,認為中國平安的投資價值較高,評級為“買入”。
野村報告指出,友邦去年度新業務價值增長率只有6%,低於野村估計的7.5%,其中,第四季更錄得14%的跌褔,扣除整固塔塔友邦保險的影響後,去年新業務價值增長率為5%,而第四季則跌18%。野村估計,受到新型肺炎疫情影響,友邦今年首季新業務價值表現會更差。
野村續指,去年友邦中國內地的新業務價值增速達27%,表現穩健,惟增長率由上半年的34%放緩至下半年的17%,低於約39%的2014-18年複合年均增長率,未來內地市場仍是集團增長主要動力,估計集團於2020-22年每年會在1-2個省份擴張,為新業務價值帶來30%的年增長。今年整體新業務價值預計可升10%。

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