《大行報告》瑞銀下調友邦(01299.HK)目標價至112元 料次季核心新業務價值升9%
瑞銀發表研究報告指,預期次季友邦(01299.HK)核心新業務價值將增9%,面對環境困難,料友邦中國增長將較首季緩和,不過仍顯著跑贏當地同業。考慮到近期內地確診個案增加,延遲對通關的估算,料香港離岸銷售將在2022年中復甦而非今年第四季,並將2022-23年新業務價值預測降6-14%。如撇除香港離岸業務,該行對新業務價值估算的調整在3%以內。
該行補充,將友邦目標價由118元降至112元,維持「買入」評級,相信其中國策略可支持長遠增長,加上基於新估算,仍料2022-23年其新業務價值可增27-29%,而友邦在經紀質素及品牌上有競爭優勢,相信在主要市場表現可繼續具彈韌性。
瑞銀估計,按固定匯率計算,次季友邦新業務價值將增9%,計及匯率因素則升14%;雖然次季內地數據顯示險企保費環境困難,但該行相信友邦相對有彈性,而東盟將是次季增長的重要引擎,料友邦的科技可應對封城等的影響,加上香港的經紀將繼續聚焦本地市場,估計香港本地銷售將有支持。(el/s) ~
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