一文了解券商於友邦(01299.HK)公布季績後最新評級、目標價及觀點
友邦保險(01299.HK)今日股價向上，最新報82.5元升2.5%。友邦今早公布截至今年9月底止第三季業績，第三季錄新業務價值按固定匯率計算按年跌28%至7.06億美元，符市場預期(本網綜合5間券商預測按固定匯率計料介乎6.66億美元至7.4億美元，中位數7億美元)。若按實匯率計新業務價值按年亦跌28%。友邦第三季年化新保費按年減少6%至13.59億美元；新業務價值利潤率減少15.6個百分點至51.6%。
至於按季比較及固定匯率計，集團新業務價值上升22%；新業務價值利潤率增0.2個百分點；年化新保費增21%。今年首三季新業務價值按固定匯率計算按年下跌34%至21.16億美元；年化新保費按年跌19%至39.38億美元；新業務價值利潤率跌12.6個百分點至53.4%。
【東盟業務佳 績後有支持】
摩根大通發表告表示，友邦上季新業務價值按年跌28%，大致符合該行預期，相信市場早已反映相關負面因素，因本港離岸業務因受到檢疫措施影響、本港業務仍弱及產品組合惡化，但該行留意到友邦在東盟市場業務呈強勁復蘇，重申對其「增持」評級及目標價94元。
高盛發表報告指，友邦今年第三季新業務價值為7.06億美元，符合市場預期的7.12億美元，並優於該行預期的6.7億美元，雖然按年計大跌28%，但意味按季增長22%，主要是受到年化新保費按季強勁上升24%所推動。該行表示，集團在東盟市場有強勁復甦，第三季在新加坡及馬來西亞的新業務價值按季增長逾倍，並明顯高於去年同期水平，泰國亦同時亦錄得強勁的按季增長，表現遠優於該行估計的第三季及下半年錄得雙位數下跌。至於中國業務表現則較預期疲弱，因保障產品的需求尚未提升。
本網最新綜合7間券商其投資評級及目標價：
券商│投資評級│目標價(港元)
中金│跑贏行業│95元
摩根大通│增持│94元
摩根士丹利│增持│87元
匯豐研究│買入│87元
高盛│買入(「確信買入」名單)│85元
美銀證券│買入│81.85元
麥格理│中性│76元
-----------------
券商│觀點
中金│公司長期新業務價值增速略有下行，但料對估值中樞影響有限
摩根大通│季績大致符預期，籌建四川分公司地域擴張將成為主要催化劑
匯豐研究│隨著內地疫情緩和及限制放寬，料新業務價值復甦勢頭增強
摩根士丹利│籌建四川分公司可確保長期增長，星馬三季度新業務價值反彈強勁
高盛│東盟市場強勁復甦，惟內地表現差過市場預期
美銀證券│季績復蘇，開始籌建四川分公司，料地域擴張可助銷量增長
麥格理│預期短期新業務疲弱，直到明年才會強勁復甦
(ta/w)
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