《大行報告》大摩微降友邦(01299.HK)目標價至94元 資產負債表仍穩健
大摩發表報告稱,友邦(01299.HK)股價在公布去年業績後轉弱,投資者對業績的關注重點放在股份回購計劃、新業務價值以及利潤率,但該行認為友邦業務仍然有很多亮眼之處,而未來新業務價值增長亦將是重點關注項目之一,相信在友邦資產負債表穩健下,維持其「增持」評級,目標價由95元輕微降至94元。
該行認為,投資者對友邦未有宣布新股份回購計劃感到失望,公司管理階層已明言在資產負債表穩健下,會先優化資本配置,並且會兼顧新業務的投資及提升股東回報,目前公司總股東回報率已達到約7%,因此預計公司從2025年起其自由盈餘將會回復至雙位數增長,從而可更大靈活性地支持可持續的股東回報。
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