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《大行報告》麥格理下調友邦(01299.HK)目標價至75元 評級「中性」
阿思達克 08-29 10:51
麥格理發表研究報告指,按固定匯率計,友邦(01299.HK)稅後經營溢利按庠增長4%,新業務價值(VNB)按年下跌13%,符合市場預期。受股票及衍生產品相關按市值計價損失所影響,期內稅後虧損達到5.71億美元。 該行建議投資者不要將關注點放在按市值計算的損失,指出相關投資產品旨在匹配遠期發展。期內友邦的VNB產品組合貢獻重心發生變化,傳統的保險產品佔比由去年上半年的64%降至49%,估計是由於中國業務中傳統保險產品的貢獻下降所致。 相應地麥格理將2022至2024年預測淨營運每股盈利下調2.9%、2.5%及2.3%,並將目標價從77元下調至75元,以反映不利的新業務價值組合變化,重申「中性」評級。
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