《大行報告》高盛引述友邦(01299.HK)指內地業務重點在經銷團隊 維持「買入」評級
高盛發表報告指,早前友邦保險(01299.HK)的代表與投資者會面,投資者關注焦點是內地業務,以及訪港內地旅客業務的更新,特別來內地相關產品組合前景及利潤率表現,公司強調焦點在於經銷團隊,以及與銀行夥伴的合作,因為可以接觸較大量高端客戶。
該行認為,友邦進一步擴充銀保業務,可能令利潤率受壓,不過部分銀行客戶基礎龐大,例如郵儲銀行(01658.HK)有3,000萬至4,000萬高端客戶,讓友邦的產品有很大增長空間。旗下可扣稅退休產品亦針對富裕客戶,雖然利潤率相對較低,但有35%銷售來自新客戶。以往保障型產品的銷售,較多來自新銷售代理,隨著公司計劃招聘人手及擴充網絡,料過去三年因疫情致附加保障銷售增長多於新生意的趨勢將會逆轉。
該行對友邦維持「買入」評級,目標價維持101元。
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