《大行報告》瑞銀料友邦(01299.HK)首季VNB按固定匯率計增16% 目標價下調至113元
瑞銀發表研究報告指出,友邦(01299.HK)將於周四(27日)披露首季業績,該行預期按固定匯率(CER)及實際匯率(AER)的新業務價值(VNB)分別按年增長16%及11%,主要市場呈正增長。
該行估計,友邦首季香港來自內地旅客(MCV)業務復甦是主要驅動力,貢獻約半的新業務價值增長。友邦中國1及2月份的新業務增長轉正,料3月將繼續保持上升趨勢。至於東南亞市場一直具有韌性,相信可持續受惠於低基數。
此外,該行預計友邦MCV業務復甦仍將是今明兩年的關鍵新業務價值增長動力,4月至今的日均MCV已達2018年水平的約50%。該行將友邦中國全年新業務價值增長預測由16%下調至9%,反映首季外匯趨勢及潛在利率定價下調的影響。該行將友邦目標價由115元下調至113元,維持「買入」評級。
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