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匯豐證券:料友邦(1299.HK)去年新業務價值跌32% 重申“持有”評級
格隆匯 02-17 17:29

匯豐證券發表研究報吿指,友邦保險(1299.HK)將於3月中公布2020財年業績,該行預計公司新業務價值為28.3億美元,按年下跌32%,意味第四季按年跌19%,按季則升3%。首年標準保費(APE)為52.4億美元,按年跌20%,第四季則按年跌23%,按季跌4%。該行重申友邦目標價94港元,以及“持有”評級。

匯證表示,關注新業務價值的放緩屬短暫性還是長期;集團在內地會否進一步獲准擴展業務;在大灣區的舉措下,監管機構的變化、併購機會,以及香港市場的前景;醫療保健產品及生態的發展等。

此外,該行指,由於假設集團銷售和利潤率減少,因此將友邦2020至2022年的新業務價值預測下調4%至9%,意味集團2021年及2022年的新業務價值將分別增長30%和24%;税後營運溢利(OPAT)則下調2%至3%,而2020至2022年的每股派息預測亦降低了3%,現時預期2020年的每股派息將增長5%。

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