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《大行報告》野村:友邦(01299.HK)去年新業務價值略遜預期 但指引正面
阿思達克 03-10 14:38
野村發表報告指,友邦(01299.HK)去年新業務價值(VoNB)略遜預期,但指引正面,維持目標價97.43元,評級「買入」。 報告指,去年VoNB按實際匯率計算按年下降8%,按固定匯率計算按年下降5%,至30.92億美元,低於該行和市場預期1%。年化新保費按年下降4%至54.07億美元,比該行預期低3%。新業務價值利潤率按年收窄2.3個百分點至57%,比該行估計多出1.2個百分點。 截至去年底,內含價值為688.65億美元,按年下降6%,比該行估計低2%,比市場預期低4%,原因是投資回報的負差異較大。經營內含價值回報率為9.4%,按年下降2.7個百分點,比該行預期低1.5個百分點。派發末期股息每股1.13元,全年派息按年上升5%至1.54元,比該行估計低2%。而按國際財務報告準則每股盈利為0.02美元,2021財年同期為0.62美元,低於市場和該行估計。 報告引述管理層說法,友邦保險中國的VoNB增長在2022年下半年直至11月底恢復到正數,其後受快速新冠感染擾亂後,VoNB增長勢頭迅速恢復,並在2023年的頭兩個月恢復到正增長。
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