《大行報告》匯豐研究上調友邦(01299.HK)目標價至96元 評級「持有」
匯豐研究發表報告指,友邦保險(01299.HK)上半年表現勝預期,新業務價值增長22%,比市場預期高6%;經營溢利增5%,比市場預期高3%;派息增9%,較預期高1%。
該行指,經調整一次性項目後,新業務價值在上半年增長約30%,但下半年基數將較高;上半年利潤率改善4.6個百分點。管理層估算內涵價值和新業務價值至少增長14%及20%,而代理新業務價值增長亦超25%。
該行表示,上半年超過50%的交易以非面對面方式完成;經常性經營溢利增長8%;管理層指即使在新規例下,償付能力和資本都維持強勁。
該行升新業務價值預期1-2%,經營溢利預期亦增1-2%,不過更新市場情況後,內涵價值降2%。維持「持有」評級,目標價由95元升至96元,當中假設今年新業務價值增長25%,內涵價值、經營溢利及派息,在2020至23年年複合增長率分別增9%、9%及10%。
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