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研報掘金 | 中金:下調友邦目標價至74港元 維持“跑贏行業”評級
格隆匯 04-15 10:09

中金髮表報吿指,維持對友邦盈利預測不變,考慮到市場對P/EV估值體系信任度減弱,下調目標價21%至74港元,維持“跑贏行業”評級。友邦年報後持續下跌原因是部分外資機構持續賣出導致公司股價一路下挫,該行認為外資賣出更多是資金行為與公司基本面關係不大,但部分投資人認為友邦當前相對同業優勢縮窄,疊加友邦估值相較外資同業保誠(當前0.5倍P/EV)、中資同業(處於0.1至0.4倍P/EV)仍存在明顯溢價,公司去年業績及向後預期或很難對此提供支撐。

中金仍認為友邦在負債端較同業的競爭優勢是長期且穩定的,但在當前較多地區儲蓄險、銀保佔比提升的環境下,其競爭優勢或難像過往一樣在業績層面帶來過多相對同業的超額表現,需關注公司後續利潤、新業務價值以及營運利潤較同業的變化趨勢。建議等待右側機會,建議關注首季或中期業績發佈公司對於回購或股息的表態,如回購持續有望對股價帶來有力支撐。

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