《大行報告》摩通:友邦(01299.HK)首季新業務價值輕微優預期 但料次季續弱將跌24%
友邦保險(01299.HK)公布首季新業務價值錄8.41億美元,按實質匯率計跌28%,下跌主要是由於公司在香港及中國內地業務的銷售額顯著減少所致,摩根大通發表報告表示,該行原預期友邦期內新業務價值下跌30%,結果輕微優於該行預期,指業績顯示疫情令代理「面對面」銷售受影響。
該行指基於各國仍採取社交距離措施,估計友邦來季營運表現仍持續走弱,料未來12至24個月表現疲弱,但同時指公司未來12個月有三個上行催化因素,第一是疫情令亞洲民眾對保障性保險產品需求上升、第二是本港地區2019年下半年可比較基數較低、第三是來自中國內地業務增長加快。
摩通料友邦第二季新業務價值會按年跌24%,料今年全年新業務價值按年下滑11%,即估計未來數季營運表現疲弱,相信負面因素仍未完全反映在股價之上。但該行仍予友邦「增持」投資評級及目標價91元。(wl/k)
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