《大行報告》大和:友邦(01299.HK)具良好資產管理組合 重申「買入」評級
大和發表研究報告,指最近與友邦(01299.HK)管理層對話,他們表示在香港業務中有97%的保單都是由以美元交易,故此大部分香港業務資產皆投資於美國政府和企業債,及少量是香港企業債。而其港元資產主要為了配合其MPF業務,而佔比較少。
該行指,中國業務方面,其附屬的設立即將完成,將可以申請省級牌照,該行預期公司每12個月可獲兩個省份牌照。另外,該行指友邦中國在第二季的首年度保費回升,主要由於線上交流更具效果下首兩季聘請更多代理,及新冠疫情後市場對保障性產品需求更大。該行預期今年中國新業務價值的貢獻可提升至30%。
香港方面,因應高利潤產品不能於網上銷售,而內地訪客客戶在過去12個月下跌,預期該業務在集團新業務價值佔比跌至僅8%,對比去年上半年佔比達21%。大和重申友邦的「買入」評級,目標價100元不變。
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