《大行报告》瑞银下调友邦(01299.HK)目标价至86元 评级「买入」
瑞银发表报告表示,友邦(01299.HK)将於8月20日公布第二季业绩,预期其新业务价值受到疫情影响而下跌33%,相信大部分投资者有相若预期;因此该行将友邦今年度新业务价值预测下调11个百分点至20%,主要反映香港离岸销售,不过在内地业务带动下,仍然预料2021新业务价值高於2019年度9%。
报告补充,强调有效的盈利能力更重要,该行预计疫情的影响很小,将有助於提高2020年预测内含价值回报13.3%,故相信友邦目前估值尚未反映潜在的新业务和内含价值回报之复苏,短期业务障碍更可令公司把握中国的增长潜力。该行维持其「买入」评级,目标价由88元降至86元,以反映新业务价值之调整。
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