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《大行報告》大摩:友邦(01299.HK)去年業績堅韌 新業務價值增長強勁
阿思達克 03-14 09:26
摩根士丹利發表報告,指友邦保險(01299.HK)去年業績堅韌,新業務價值增長強勁,維持予其「增持」評級,目標價95元。 按固定匯率計算,友邦去年新業務價值按年增33%,較該行及市場預期高出介乎1至2個百分點;每股經營盈利(Operating EPS)和每股內涵價值(EVPS)均按年增長2%,符合該行及市場預期。末期息每股派119.1港仙,以全年計,派息比率輕微提高1個百分點至38%,全年派息按年增5%,則略勝預期。 大摩指出,友邦去年末季新業務價值增長有所放緩,主要是受香港市場高基數的影響,但這已在股價上反映。去年下半年利潤率有改善跡象,特別是末季按季增7個百分點至59%。 在地區業務方面,香港全年新業務價值增長82%,主要受中國內地旅客(MCV)需求增加所帶動。內地市場的新業務價值增長20%,下半年利潤率有改善。東盟市場方面,泰國、新加坡和馬來西亞全年分別增長21%、10%和7%。
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