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《大行報告》美銀證券升保誠(PUK.US)目標價至35.24美元 今明兩年本港新業務量料急升
美銀證券發表研究報告,升保誠(PUK.US)美股目標價9%,由33.2美元升至35.24美元,評級「買入」。報告稱,本港與內地通關料對保誠有利,該行不預期去年保誠業績可人,但市場料更關注前景。該行料今年保誠每股盈利增長18%,明年增13%。 即使貼現率上升對新業務利潤率構成影響,該行對保誠今明兩年新業務價值估算分別上調2%及7%。報告稱,現時保誠本港業務量僅及疫情前四分之一,認為內地客需求將重臨。經歷去年谷底,該行料保誠本港新業務量在今明兩年每年平均增長80%。即使假設本港新業務量僅復甦至疫前三分之二水平,亦意味有上行空間,這在投資情緒及財務上很重要,因本港是保誠最大及盈利能力最高市場。 報告料保誠去年業績反映疫情對經營表現的進一步拖累,即使如此,仍料去年新業務量及IFRS經營溢利各按年升5%。利率上升將影響保誠內涵價值及新業務利潤率。但貼現率上升或令市場降低大削保誠已公布內涵價值數據的意欲。該行料保誠列賬內涵價值今年底將達約12英鎊,意味潛在內涵價值回報率達14%,對股價很有支持。
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