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大和:升友邦(1299.HK)目標價至105港元 評級“買入”
格隆匯 11-10 13:28

大和發表研究報告指,預期友邦保險(1299.HK)的年化新保費(ANP)和新業務價值將會持續復甦。大和上調友邦目標價5%,由原來的100港元升至105港元,評級維持“買入”。

大和表示,今年首9個月,友邦中國的代理人團隊人數實現雙位數增長,遠高於內地同業。另一方面,友邦中國將部分重點轉向今年第四季的年初產品預售(jumpstart),相信將推動明年首季的新業務價值增長。

該行預料,集團的新業務價值將於今年第四季和明年持續復甦,但香港除外,主要由於恢復正常通關的時間延遲。集團整體的新業務價值在今年第四季按季將略有改善,按年就將下跌約20%,然後在明年恢復至按年增長25%。至於香港,今年下半年的新業務價值將按年跌約60%,明年就反彈至按年增長90%,並預期明年1月香港將會局部恢復內地的通關,而7月份就將全面恢復。

該行又認為,今年集團的股息按年增長6%,並將會超越其税後營運溢利(OPAT),反映友邦強勁的財務狀況,以及管理層對集團增長前景的信心。同時,該行亦上調集團2021年至2022年的盈利預測3%,反映政策成效勝預期。

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