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《大行報告》大和估計友邦(01299.HK)2025-27年新回購計劃規模達60-80億美元
阿思達克 02-02 10:06
大和發表報告指出,根據友邦(01299.HK)最新資本管理框架,預期公司明年有資本進一步回購,與市場認為今年底完成回購後不再回購的觀點不同。 該行相信,友邦持續不斷累積的自由盈餘,與2022年實施香港風險為本資本制度所產生的一次性影響同樣重要,估計公司2025至2027年平均每年將產生74億美元的基本自由盈餘,將於新的資本管理框架下分配至投資新業務、支付可持續和漸進的股息、非自然增長及股東回報。 此外,該行預期友邦2025至2027年的新回購計劃規模達60億至80億美元,佔市值6.5%至8.7%,在扣除新業務投資、漸進股息及集團開支與財務成本後,友邦的自由盈餘將於2025至2027年平均每年增加約26億美元。假設公司每年用於非自然增長方面的開支低於26億美元,相信有能力進一步回購股份。該行重申其「買入」評級,目標價145元。
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