《大行報告》大摩上調友邦(01299.HK)目標價至130元 評級「增持」
摩根士丹利發表研究報告指,友邦(01299.HK)早前獲中國銀保監會四川監管局批覆,准許於成都四川設立分公司,預期在中國擴張是公司維持估值溢價的關鍵,維持「增持」評級。
報告指出,外資人壽保險合資企業已進入中國市場20年,截至去年底僅佔總毛承保保費約10%,但隨著當局開放市場,保險公司將可在中國採取更進取的發展計劃,預期市場將出現大變化,國外保險公司分一杯羹,可能會迫使中國險企推動創新及改善風險管理,推動市場進一步專業化。
該行預期友邦至2030年內地業務將由目前的覆蓋30個城市,拓展至100個城市,在富裕市場份額提升2%至5%。
大摩並調整友邦2021至2023年新業務價值預測,預期內地業務將增長36%、32%及25%,香港業務則實現增長20%、73%及35%,同時將2021至2023年企業隱含價值預測下調5%、6%及6%,並將每股盈利預測下調4%、4%及3%,以反映近期新業務價值預測下調,目標價由89元升至130元。
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