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《大行報告》招銀國際降友邦(01299.HK)目標價至96.5元 今年首兩月內地訪客保險業務勢頭續強勁
阿思達克 03-19 10:29
招銀國際發表報告指,友邦保險(01299.HK)去年新業務價值(VNB)按固定匯率(CER)計按年升33%至40.34億美元,年化新保費(ANP)按年升45%至76.5億美元,符合該行預期,VNB利潤率下跌的趨勢改善,由上半年的50.7%改善至下半年的54.5%,香港VNB按年升82%,主要受惠內地訪港人士保險業務需求,年初至今相關業務維持穩定增長趨勢,推動首兩個月VNB有雙位數字升幅,相信可以支持首季VNB有中雙位數升幅。 該行將友邦目標價由118元下調至96.5元,反映今年股價對內涵價值比率(P/EV)預測為1.8倍,維持「買入」評級,並對友邦的自然增長、有紀律的資本管理及持續股東回報感到正面。(cy/w) ~
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