瑞銀:維持友邦(1299.HK)買入評級 予目標價101港元
友邦保險(1299.HK)公佈去年度業績,瑞銀髮表研究報吿指,友邦保險去年第四季業績穩健復甦,去年財年的新業務價值(VONB)按固定匯率計算按年升18%,意味着第四季度增長約10%,略高於該行預期,並指香港業務於去年下半年的的VONB增長非常強勁,利潤率大幅擴張至創紀錄的73.7%,超出了該行及市場預期,予目標價101港元,維持“買入”評級。
友邦未來三年擬斥100億美元回購股份,該行表示,這對市場來説是正面的驚喜,而友邦保險也就新的香港風險為本資本制度,就提前採納遞交申請並預期於2022年上半年結束之前取得批准,該行認為這表明友邦保險對其資本狀況充滿信心,並解決了部分投資者對償付能力規則變化的擔憂。
該行指出,儘管受到Omicron的影響,其今年首季的新業務增長面臨挑戰,但認為這情況已反映價內,亦留意到友邦在關鍵市場的增長戰略持續得到強力的執行,又指利潤率增長是VONB增長的關鍵支撐,尤其是去年下半年對香港本土業務的增長,認為部分原因是產品組合改善及債券收益率提高等。

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