《大行报告》大摩上调友邦(01299.HK)目标价至130元 评级「增持」
摩根士丹利发表研究报告指,友邦(01299.HK)早前获中国银保监会四川监管局批覆,准许於成都四川设立分公司,预期在中国扩张是公司维持估值溢价的关键,维持「增持」评级。
报告指出,外资人寿保险合资企业已进入中国市场20年,截至去年底仅占总毛承保保费约10%,但随着当局开放市场,保险公司将可在中国采取更进取的发展计划,预期市场将出现大变化,国外保险公司分一杯羹,可能会迫使中国险企推动创新及改善风险管理,推动市场进一步专业化。
该行预期友邦至2030年内地业务将由目前的覆盖30个城市,拓展至100个城市,在富裕市场份额提升2%至5%。
大摩并调整友邦2021至2023年新业务价值预测,预期内地业务将增长36%、32%及25%,香港业务则实现增长20%、73%及35%,同时将2021至2023年企业隐含价值预测下调5%、6%及6%,并将每股盈利预测下调4%、4%及3%,以反映近期新业务价值预测下调,目标价由89元升至130元。
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