《大行報告》匯豐研究上調友邦(01299.HK)目標價至100元 升保誠(02378.HK)目標價至175元
匯豐研究發表報告,指對友邦(01299.HK)及保誠(02378.HK)的估值中,內地業務各佔42%及25%。短期內,預期壽險新業務將逐步復甦,長期而言對友邦中國和中信保誠人壽(CPL)的增長保持正面,儘管內地同行面臨挑戰,但公司基數相對較低,相信內地業務仍有很大的增長空間。
此外,該行維持對友邦及保誠的「買入」評級,對友邦目標價由90元上調至100元,對保誠H股目標價由159元升至175元。該行假設隨著與疫情相關的跨境限制放寬,中港跨境業務逐步恢復的基本情況下,預期訪客數量及建立信心需時,但行業競爭或趨激烈,料今年香港離岸新造保費相當於2018年離岸保費的25%水平;估計去年及今年友邦香港及保誠香港的新業務價值各增長55%及86%。如香港離岸業務恢復至2018年水平,則友邦及保誠的基本情境估值可進一步增加14%及25%。
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