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一文綜合券商於友邦(01299.HK)公布季績後最新評級、目標價及觀點
阿思達克 05-14 11:04
友邦保險(01299.HK)今早股價受捧,盤中曾高見102.7元一度搶高6.8%,最新報102.3元升6.4%。友邦今早公布截至今年3月底止首季,新業務價值錄10.52億美元,按固定匯率基準計新業務價值上升19%,按實質匯率計升25%,對比本網綜合8間券商料友邦今年首季新業務價值介乎9.672億美元至10.26億美元,高於預期,主因包括在內地、泰國和馬來西亞的增長,以及香港本地客戶群的雙位數字增長。

友邦首季新業務價值利潤率上升5個百分點至61.6%,主要是由於地區業務組合轉變及政府債券收益率上升,惟部分被友邦保險中國業務預扣稅扣減所抵銷。年化新保費按年增15%至17.03億美元,而總加權保費收入亦升10%至96.63億美元。

【季績勝預期 料增速加快】

瑞銀發表報告表示,友邦保險今年首季新業務價值按實質匯率計升25%,按固定匯率計則升19%,顯示3月份呈快速增長,令公司首季表現遠勝預期,相信是產品銷量增長(年化新保費升15%)及毛利率(由56.6%升至61.6%)擴大所推動,確認該行對其毛利復蘇預期的觀點。該行指,重申對友邦保險「買入」投資評級,上調目標價由115元升至118元。

高盛發表報告表示,友邦今年首季新業務價值錄10.52億美元,按固定匯率基準(CER)計新業務價值上升19%,按實質匯率計(AER)升25%,較該行原預期高出8%,相信主要受益於中國內地、馬來西亞市場銷售增長強勁、來自泰國市場產品毛利率按年強勁擴張所致。該行料友邦今年第二季增長將會加快,並對友邦的產品組合改善,從而令毛利率提升感到欣喜,並估計公司於今年餘下時間毛利率可按年擴張,支持其新業務價值的表現。

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本網綜合4間券商列出友邦公布季績後最新的投資評級、目標價及觀點:

券商│投資評級│目標價(港元)

瑞信│跑贏大市│120元

瑞銀│買入│115->118元

花旗│買入│116元

高盛│買入(「確信買入」名單)│116元

券商│觀點

瑞信│首季業績遠勝預期,新業務價值強勁

瑞銀│新業務價值重回正增長,首季遠勝預期

花旗│馬來西亞及泰國業務支持首季業績表現

高盛│季績勝預期,料毛利率擴張支持今年增長

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