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《大行报告》摩通:友邦(01299.HK)获准成立四川分公司 另还具三个催化剂
阿思达克 11-03 10:16
摩根大通发表研究报告,指出友邦(01299.HK)刚宣布获中银保监批准开始筹建四川分公司,为友邦中国获批筹建的首家全资分公司。该行指,欢迎公司这一新进展,认为这为公司增加了未来的增长动力。今後,公司将会在中国三个省份(包括江苏、广东及四川);以及四个城市(包括北京、上海、天津及石家庄)营运。根据国家统计局数据,这些地方占中国2019年GDP的40%。

由於四川省的经济规模较大,一旦公司获得最终营运批准,市场将会对其四川业务的中期增长潜力作额外反应。而该行届时亦会重新审视友邦的股价对内涵价值比率(P/EV)及账面净值(NBV)。该行相信,市场对公司股票的短期反应将会是正面,相信此进展会令其新业务价值增长提速。

该行亦看到友邦有另外三个潜在催化剂,包括第三季业绩表现、香港离岸业务恢复,以及东盟业务复苏。重申对友邦的「增持」投资评级,目标价为94元。

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