《大行報告》瑞銀:友邦(01299.HK)獲批籌建河南分公司 料中國地區滲透率升至53%
友邦(01299.HK)旗下友邦中國已經獲中國銀保監會批准於河南省籌建分公司。瑞銀發表報告,認為許可批准時間快過市場預期,展示友邦在中國擴張方面的強勁執行力,緩解部分投資者對監管不確定性的擔憂。該行料友邦於中國地區滲透率將由49%升至53%,維持其「買入」評級,目標價110元。
該行指出,鑑於河南內不同的家庭收入水平,預計友邦在河南的產品組合將更加多元化,而不是如在一線城市般側重提供保障型產品,認為其龐大的人口有利於友邦長期增長,根據湖北的經驗,認為友邦保險可能會在3個月內在河南開展業務。
瑞銀表示,雖然投資者對香港與內地重新開放邊境的時間表有所分歧,但認為友邦保險的澳門平台應該為其提供更多的靈活性來滿足內地居民購買離岸保險產品的需求。瑞銀與保險代理人的渠道調查顯示,友邦保險在其香港和澳門代理人之間的轉介計劃自推出以來一直勢頭強勁,雖然這項計劃可能只在中期內進行,但應該會加強友邦保險的競爭優勢,因為在香港的大多數主要同行沒有澳門牌照,又甚至未開始啟動類似的計劃。
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