交銀國際:下調友邦保險(1299.HK)目標價至92港元 評級“買入”
交銀國際發表研究報告表示,友邦保險(1299.HK)去年主要指標略低於預期,目標價由100港元下調8%至92港元,維持“買入”評級。
報告表示,友邦去年新業務價值每年增長5%,低於該行和市場預測中位數約3%,主要是下半年香港市場內地訪客業務超出預期。該行預期,友邦2020年新業務價值增速約6%,與2019年接近,但2021-2022年將回升,考慮到市場利率下行趨勢,內含價值假設需要調整空間,但內含價值對利率/不斷變動敏感度相對誤差,如果同時調整風險貼現率和長期投資收益率假設,對內含價值影響偏向中性。
報告還表示,友邦在內地和香港市場採用在線方式招聘,管理代理人,銷售保險產品,以減輕疾病情勢影響,認為友邦在內地市場仍面臨着良好的增長潛力,同時,友邦專注於保障型業務,內含價值對於利率的變動的敏感度相對可接受。

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