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摩根大通:重申對友邦(1299.HK)增持評級 目標價125港元
格隆匯 06-30 12:34

友邦保險(1299.HK)投資120.33億元人民幣認購中郵人壽保險股份25%投資後股權,交易需待獲得所有必要的監管批准。

摩根大通發表研究報吿指,認為這是一個商業決定,友邦將有機會進入最大的零售金融分銷網絡;但尚未清楚友邦中國是否能直接向郵儲銀行網絡銷售其壽險保單;由於所有權有限,中郵保險未來的潛在價值並未能體現於新業務價值等數字。摩通維持友邦目標價125港元,重申增持評級。

摩通認為,在三種情況下,該投資或會更有價值,包括集團增持中郵保險59%以上股權;允許友邦中國通過郵儲銀行的網絡銷售保單;以及為外資壽險企業在中國的擴張設下高標準的門檻。整體而言,該行建議將友邦加入潛在的近期弱勢行列。

對於上半年業績,該行指,三個催化劑有今年第二季強勁的新業務價值增長潛力、東盟業務正常化前景及香港關口重開,以及債券收益率上升。

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