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高盛:維持友邦(1299.HK)116港元目標價 評級買入
格隆匯 04-22 17:09

高盛發表研究報吿指,花旗集團早前公佈,計劃退出13個市場的零售銀行業務。鑑於花旗退出的市場涵蓋了友邦保險(1299.HK)三個主要市場,包括中國內地、泰國和馬來西亞,以及部分友邦有業務營運的市場,相信花旗的退出,或會影響雙方在2013年簽訂、為期15年的泛亞獨家經銷協議。高盛維持友邦目標價116港元,評級為買入。

高盛表示,花旗集團將繼續在香港和新加坡經營其零售銀行業務,而該兩個市場亦是友邦最大的市場。同時,友邦在大多數市場中,都有簽訂多項的分銷協議,若集團增加對其他銀行保險夥伴的投資,將可幫助抵銷近期銷售上的損失。另一方面,如果花旗將當前業務出售予其他銀行或金融機構,友邦則可與潛在買家作出新的分銷協議。

該行又指,友邦的現金流和資產負債表強大,認為集團將有足夠資金去考慮新的夥伴關係。整體而言,兩間公司自2013年就有緊密合作,相信花旗的退出將對友邦的分銷戰略造成短暫的影響,不過,友邦可增加對其他合作伙伴的投資,因此對新業務銷售的影響均屬可控。

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