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《大行報告》大摩:友邦(01299.HK)中期稅後營運溢利及派息仍穩固
阿思達克 08-20 14:12
摩根士丹利發表的報告指,以固定匯率計算友邦保險(01299.HK)新業務價值按年跌37%,差過市場預期的30%,期內稅後經營溢利按年增5%,大致符合市場預期。以實質匯率計期內新業務價值按年跌38%,而稅後經營溢利則升3%,公司宣派中期息每股35港仙,按年升5%,派息比率維持在18%。該行指友邦中期稅後營運溢利及派息仍穩固,予其「增持」評級,目標價78元。

該行指出,內地上半年貢獻集團新業務價值38%,是友邦最大市場,而上半年其新業務價值跌13%,管理層強調次季已回復正增長,而香港市場新業務價值則跌68%,表現與同業一致,而本地市場自4月以來亦見有改善,雖然受封關影響內地客業務仍未復甦。大摩指出,在東盟市場方面自3月底以來受疫情影響業務受拖累,而上半年泰國市場跌7%、馬來西亞及新加坡則分別跌36%及24%,而其他市場則按年升10%,主因納入印度AIA Tata至財務報表,及越南、台灣地區錄正增長。

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