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一文综合券商於友邦(01299.HK)公布季绩後最新评级、目标价及观点
阿思达克 05-14 11:04
友邦保险(01299.HK)今早股价受捧,盘中曾高见102.7元一度抢高6.8%,最新报102.3元升6.4%。友邦今早公布截至今年3月底止首季,新业务价值录10.52亿美元,按固定汇率基准计新业务价值上升19%,按实质汇率计升25%,对比本网综合8间券商料友邦今年首季新业务价值介乎9.672亿美元至10.26亿美元,高於预期,主因包括在内地、泰国和马来西亚的增长,以及香港本地客户群的双位数字增长。

友邦首季新业务价值利润率上升5个百分点至61.6%,主要是由於地区业务组合转变及政府债券收益率上升,惟部分被友邦保险中国业务预扣税扣减所抵销。年化新保费按年增15%至17.03亿美元,而总加权保费收入亦升10%至96.63亿美元。

【季绩胜预期 料增速加快】

瑞银发表报告表示,友邦保险今年首季新业务价值按实质汇率计升25%,按固定汇率计则升19%,显示3月份呈快速增长,令公司首季表现远胜预期,相信是产品销量增长(年化新保费升15%)及毛利率(由56.6%升至61.6%)扩大所推动,确认该行对其毛利复苏预期的观点。该行指,重申对友邦保险「买入」投资评级,上调目标价由115元升至118元。

高盛发表报告表示,友邦今年首季新业务价值录10.52亿美元,按固定汇率基准(CER)计新业务价值上升19%,按实质汇率计(AER)升25%,较该行原预期高出8%,相信主要受益於中国内地、马来西亚市场销售增长强劲、来自泰国市场产品毛利率按年强劲扩张所致。该行料友邦今年第二季增长将会加快,并对友邦的产品组合改善,从而令毛利率提升感到欣喜,并估计公司於今年余下时间毛利率可按年扩张,支持其新业务价值的表现。

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本网综合4间券商列出友邦公布季绩後最新的投资评级、目标价及观点:

券商│投资评级│目标价(港元)

瑞信│跑赢大市│120元

瑞银│买入│115->118元

花旗│买入│116元

高盛│买入(「确信买入」名单)│116元

券商│观点

瑞信│首季业绩远胜预期,新业务价值强劲

瑞银│新业务价值重回正增长,首季远胜预期

花旗│马来西亚及泰国业务支持首季业绩表现

高盛│季绩胜预期,料毛利率扩张支持今年增长

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