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《大行報告》美銀證券:重申友邦(01299.HK)「買入」評級 降富途(FUTU.US)至「跑輸大市」
美銀證券發表研究報告指,友邦保險(01299.HK)股價過去兩個月內回升50%,相信出入境限制放寬有利友邦抵港內地人士保險業務(MCV)業務的消息,已很大程度被市場消化,關注MCV未來表現。 該行指,2019年下半年MCV新業務價值(VNB)佔友邦香港總VNB約50%,每個季度貢獻超過2億美元,現時預計2023年MCV VNB總額將達到2.8億美元,推動全年VNB料增長9%至32億美元。 中證監上周對富途控股(FUTU.US)內地客戶業務明確表態,美銀表示因此將富途的評級由「買入」下調至「跑輸大市」,目標價由59.6美元降至27美元,認為友邦香港的MCV業務性質與富途的內地客戶業務不同之處,在於客戶有否親自到香港購買產品。美銀指出,友邦香港在內地沒有牌照,因此未有公開進行營銷活動,擁有牌照的友邦中國亦不會為友邦香港及其產品做廣告,因此相信兩者監管情況不盡相同。 該行指,無可否認在現今情況下有潛在的監管風險,但對友邦仍重申「買入」評級及行業首選地位,指出除重新開放利好因素外,亦看好其於東盟市場的穩健增長,給予友邦目標價91元。
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