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大和:維持友邦(1299.HK)目標價100港元 評級“買入”
格隆匯 06-03 12:24

大和發表研究報告指,友邦保險(1299.HK)管理層表示,其香港業務大多資產都投資於美國政府及公司債券,而香港公司債券的敞口相對較小。同時由於線上活動的成效,推動中國業務第二季反彈。大和維持友邦目標價100港元,以及“買入”評級。

大和表示,由於新型冠狀病毒肺炎疫情的延誤,友邦中國可能很快會看到其子公司的一些更新,預料友邦中國將平均每12個月就獲得兩個省級牌照。此外,由於有效的線上活動,集團在今年首兩季招募了新的代理商,從而推動業務在第二季反彈,而疫情之後,保險需求更大亦有所推動。該行預料,友邦中國今年在新業務價值的貢獻將增加至30%。

該行指,香港部分產品組合發生了一些不利的變化,但自4月份以來有所改善。不過,友邦香港利潤較高的旗艦產品並不允許於線上銷售,該行又估計內地客來港投保(MVC)業務在過去12個月中,其新業務價值貢獻已由2019年上半年的21%,大幅下降至只有8%。

該行又指,將集團今年的新業務價值增長預測,調整至按年增長1%。

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