《大行报告》摩通:友邦(01299.HK)呈超卖 建议「增持」看91元
摩通发表研究报告指,友邦(01299.HK)上周五股价跌9%,跑输恒指跌6%的表现,相信是反映政治不稳定的情况,包括香港作为离岸市场的商务发展不确定性、因政治紧张令在岸市场销售转弱、第二季东盟经济活动转弱的情况。
该行指,目前股价相等於P/EV的1.4倍,估值处於历史低位,即使在香港离岸市场销售永久减少,以及今年内地新业务增长减慢的情况下,该行目标价亦只削10元或11%,至81元,较上周五收市价64元仍有27%的上行空间,认为股价上行风险会较下行大,未来12个月的催化剂包括,在疫情後市民对保障需求提高、下半年香港的基数转低、内地市场全面开放的潜力。摩通认为友邦的企业价值,加上稳定的现金流,在中期而言表现强劲。
该行维持公司目标价91元,评级「增持」。
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