《大行報告》美銀證券:友邦(01299.HK)上半年新業務價值勝預期 第三季或面對更多挑戰
美銀證券發表的研究報告指,友邦保險(01299.HK)上半年新業務價值增長好過預期,按固定匯率計升22%,按實際匯率計則升29%,即使主要市場面對各種挑戰,包括是內地行內保費增長顯著放慢、香港封關及東盟市場疫情轉差等,友邦仍證明了公司跨區域經營、多渠道策略及產品組合改善的力量。該行認為在具挑戰性的市場下,友邦的韌性令公司有別於同業,下調公司2021至2022年的新業務價值預測3%至5%,以反映疫情差過預期,並將2021至2023年盈利預測調整1%,目標價維持109.4元不變,重申「買入」評級。
該行指出上半年友邦的盈利及資本表現維持強勢,其中稅後溢利增長5%至32億美元,內含價值則較去年下半年升5%至700億美元,中期息增8.6%。
美銀證券認為第三季友邦或有更大挑戰,在中國內地市場方面,直至7月保費增長未見轉勢,而泰國及馬來西亞確診個案再現,估計第三季增長將按季減慢,而按年則持平。內地險企受累於大眾化市場需求減,不過友邦所受影響則較細,惟在宏觀不確定性維持的情況下,該行不認為銷售會有顯著的進展。加上去年第四季內地比較基數很低,故料公司全年新業務價值增長有較大空間管理。
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