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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 07-27 11:45

大和發表研究報告指,由於今年第二季香港及東盟地區因應新型冠狀病毒肺炎疫情而採取封鎖措施,預料友邦保險(1299.HK)上半年新業務價值將按年下跌28%,符合市場預期。該行維持友邦目標價100港元,以及“買入”評級。

大和表示,在第二季的首年業務保費收入(FYP)及新業務價值利潤率逐步恢復的情況下,中國業務仍然是集團第二季最強勁的市場。隨着全國各地的面對面會議等活動恢復,通過線上渠道銷售的低利潤產品佔比或會在5月及6月降低。不過,考慮到去年上半年一次性税收修訂的影響,估計友邦中國的新業務價值將錄得低單位數增長。

該行指,隨着銷售活動在4月份開始,逐步轉移至線下,香港業務本應有所改善,但不利的利率環境、費用超支等或會拖累新業務價值增長,預料友邦香港今年上半年的新業務價值將按年下跌近一半。

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