《大行報告》野村上調友邦(01299.HK)目標價至94.17元 評級「中性」
野村發表報告,將友邦保險(01299.HK)2020財年新業務價值(NBV)預測下調4%,指出疫情影響持續到去年下半年,情況較預期差,可能會限制高利潤產品的銷售,令香港業務NBV利潤率下降4個百分點,拖累整體NBV利潤率下降2個百分點至56.7%。
該行指,將友邦年化新保費預測下調1%,當中香港上調3%,但因東盟和其他市場下調2%而抵消,預測全年NBV將下降29%,其中香港及中國分別下降63%和4%。
惟野村表示,認為友邦最壞的時間已經過去,並且預計在疫情逐步穩定及通關的憧憬下,NBV將從2021年起逐步恢復,預計2021至2022年將增長25%及30%,當中香港業務預測分別上調1%及2%,年化新保費預測調升5%及6%;中國業務方面,該行將2022年NBV預測上調1%,維持對2021年預測不變。
野村升友邦目標價,由80.68元上調至94.17元,指出美國10年期政府債券收益率近期回升,因此將長期投資回報率預測上調50個基點,與公司管理層目標一致,該行將對其終端業務增長預測提高至4%,維持「中性」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.