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《大行報告》國泰君安:友邦(01299.HK)疫後需求強勁復甦 料新業務價值改善超預期
國泰君安發表報告指,疫情後需求強勁復甦,帶動友邦保險(01299.HK)首季新業務價值(NBV)按年增長28%,預期公司旗下內地及香港業務今年增長將超出預期,因此將全年整體NBV增長預測上調至按年升18.7%,考慮到業務持續拓展的增量貢獻,亦將2023至2025年每股盈利預測上調至0.67、0.75及0.86美元。 該行指出,首季主要業務地區NBV均實現雙位數增長,較市場預期優勝。其中年化新保費按固定匯率計增長34%,期內代理及夥伴分銷渠道亦實現較快速增長,但在中港兩地產品組合轉向長期儲蓄的影響下NBV率有所下降。 國泰君安認為,友邦中國將仍是NBV最大貢獻來源,指內地居民儲蓄需求旺盛,代理人產能實現雙位數增長;香港本地客戶保險需求亦顯著提升,同時內地旅客赴港購買保險需求,亦將推動NBV持續增長,給予「增持」評級,目標價維持103.96元。
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