友邦(01299.HK)续挫逾4%曾失百天线 中期新业务价值跌幅超预期
友邦保险(01299.HK)上半年新业务价值跌幅超过市场预期,但增派中期股息,多间大行仍维持「友邦」买入评级,但花旗认为友邦新业务及内涵价值下滑,料对今天股价反应负面。该股三连跌,尤其是今天曾一举失守100天、20天、50天、及10天线线(71.22元、72.5元、73.08元及73.5元),最低见71.1元,现造71.5元,续跌4.2%,为表现最差蓝筹,成交2,060万股,涉资14.89亿元。
友邦公布,中期纯利按年跌34.6%至21.97亿美元,每股盈利18美仙,中期股息按年增5.1%至35港仙,总收益按年跌19%至196.64亿美元;税後营运溢利升3%至29.33亿美元,也低於本网之前综合5间券商预测范围(29.55-29.85亿美元)下限。期内,按固定汇率计算,新业务价值按年跌37%至14.1亿美元,低於本网之前综合9间券商预测范围(14.9-16.04亿美元)下限;新业务价值利润率减少11.1个百分点至54.4%;年化新保费按年跌24%至25.79亿美元。内涵价值权益614亿美元;内涵价值596亿美元,环比下跌24亿美元。
花旗指友邦受累於疫情大流行上半年新业务及内涵价值下滑,料对今天股价反应负面。不过,由於5月及6月相关地区因应疫情缓和有所放宽,该行认为销售正迎来一线希望,并相信友邦营运环境最坏时刻已过去,暂维持其「买入」评级看84元。
美银指,友邦今年上半年业绩疲弱,其中按实质汇率计新业务价值按年跌38%,超过该行预测跌29%,但市场早已预期会受到疫情拖累,并认为投资者应焦聚公司长线增长,特别是内地市场,故重申其「买入」评级看82.5元。
大和认为友邦上半年新业务价值逊於市场预期,主要受短期因素影响,但近期表现已见改善,加上公司上半年税後溢利及派息仍然增长,显示其偿付能力强劲,重申其「买入」评级。(sz/w)
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