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《大行報告》瑞銀下調友邦(01299.HK)目標價至95元 評級「買入」
阿思達克 11-01 11:06
瑞銀發表報告,將友邦(01299.HK)目標價由113元下調至95元,維持「買入」評級,認為內地新業務價值利潤率收窄,只是反映渠道及產品組合改變,高質素的代理有助公司在中產階層提高滲透率。 報告補充,以固定匯率計算,估計友邦今年新業務價值增長30%,2024至2027年有中雙位數增長,2023至2027年內含價值回報率13%至14%,高於大部分上市內險商。雖然今年除稅後經營利潤受壓,主要是反映疫情後,醫療索賠回復正常水平,估計2024至2027年有6%至9%增長。 瑞銀指,在內地保險行業面對監管及宏觀經濟挑戰下,較偏好友邦,因為公司在亞太地區擁有多元化地區組合,估計主要東南亞市場及其他市場的新業務價值,在今明兩年有雙位數增長。
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