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《大行報告》里昂下調友邦(01299.HK)目標價至71元 料新業務價值前景不明朗
阿思達克 04-14 14:30
里昂以「全靠中國」為題發表研究報告,指出友邦(01299.HK)主打東南亞地區的新業務在現今疫情下價值前景不明朗,而另一方面中國有望經濟復甦,相信可帶動友邦中國業務發展。

該行指,隨著越來越多的亞洲國家實施或延長居家隔離措施,宏觀經濟轉弱抑壓消費力,將打擊東南亞業務,香港方面旅遊業未見起色,相信友邦幾個主要市場上半年都要繼續受影響,失業等因素亦不利於保險客戶釋放購買力,對下半年市場明顯反彈更是不抱期望。

里昂反而預計,中國經濟將在第二季走出低谷,目前經濟復原速度不錯,3月份人壽保險業通過銀行保險銷售的第一年定期保費僅按年下降17%,對比2月份59%跌幅收窄,相信最壞的情況可能已經過去,而友邦或在5月份取得中國牌照批准,未來幾年將可在中國擴張。

該行指出,友邦估值上升空間有限,將今年新業務價值預測調低4%,淨資產收益率料為14.5%,更看好「純中國股」,重申其「跑輸大市」評級,目標價由76元下調至71元。

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