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《大行報告》花旗降友邦(01299.HK)目標價至100元 料去年新業務價值增三成
花旗發表研究報告指,計及實施IFRS 17及IFRS 9的影響,將友邦(01299.HK)2023至2025財年各年每股盈測分別下調9%、7%及8%,在最新的資本市場趨勢下相應降低股票投資收益預期,目標價亦從105元下調至100元,評級「買入」。 友邦將於3月中旬公布2023財年業績,花旗認為,雖然宏觀市況不明朗,但在香港業務持續復甦的帶動下,預期友邦2023年新業務價值(VoNB)按實際匯率(AER)計將按年增長30%,按固定匯率(CER)計則增長32%,達到40億美元,較市場預期高出4%。 該行預計,至去年底友邦的契約服務邊際(CSM)餘額將保持穩定,達到501億美元,全年稅後經營溢利料升1%。同時受惠於股份回購,全年每股派息預期料增4.3%,企業價值則料按年增長2%至700億美元,繼續看好業績前景,料持續穩健增長。
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