《大行報告》麥格理下調友邦(01299.HK)目標價至78元 評級「中性」
麥格理發表報告,下調友邦(01299.HK)2022年至2024年每股盈測4%、6%及5%,目標價由83元降至78元,反映中國市場增長放緩,重申評級「中性」。
麥格理指,友邦首季新業務價值按年跌18%,意味半年新業務價值增長或差於市場預期。管理層指新業務價值率下跌至54.4%,受中國市場不利產品組合影響。
該行估算中國市場首季新業務價值按年跌約三成,新業務價值率按年跌25個百分點至57%。該行估算保障性產品貢獻首季新業務價值54%,低於去年同季的90%,預期在內地防疫封銷解除後,產品組合情況仍然不利。該行認為,本港業務增長具韌性,料通關後相關新業務價值有潛在上行空間,惟何時通關仍是未知數。
但該行預期東盟市場新業務價值在新冠疫情後復甦,因當地市場重度倚賴保險經紀,該行亦相信東盟市場保障性產品需求會上升。
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