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《大行報告》摩通:友邦(01299.HK)去年業績略勝預期 但關注未有披露今年首兩月銷售
阿思達克 03-14 14:20
摩通發表報告指出,友邦(01299.HK)去年業績略勝預期,新業務價值40.3億美元,按實質匯率計按年增長30%,高過該行預期的39.5億美元;每股末期息按年增長119.07港仙,略高過該行預期的119港仙;稅後營運溢利62億美元,按實質匯率計按年跌3%。 然而,該行關注友邦並未有披露今年首兩個月的銷售數據,由於內地宏觀經濟仍然波動,有關數據或是一個關鍵問題。集團亦未有單獨披露其印度合資企業的新業務價值。隨著現有回購的持續,集團未有更新新一輪回購計劃指引/前景。 由於市場對友邦今年新業務價值的預測僅按年增長15%至46億美元,該行料隨著友邦中國去年下半年的員工人數增加和產品毛利提高,市場對其新業務價值預測有上調空間。雖然經濟差異較大,但集團內涵價值仍穩定。此外,友邦去年自由盈餘達160億美元,產生的基本自由盈餘為60億美元,意味著總股東回報還有進一步上升空間,維持對其「增持」評級,目標價92元。
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