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大行評級|瑞銀:投資者對友邦業績及滿足股東需求努力感到滿意 維持“買入”評級

瑞銀髮表報吿表示,於友邦保險公佈中期業績後該行為其在亞洲地區舉行了非交易路演,大部份投資者似乎對公司今年上半年穩固業績感到滿意,以固定匯率計算新業務價值(NBV)按年增25%,税後營運溢利較去年同期升10%,更重要的是,投資者讚賞友邦保險在滿足其需求方面所做的努力,第一是公司提供了第一個每股税後營運溢利指引,其2023至2026年複合年增長率為9至11%(固定匯率基礎),並相信其已經對目標進行了壓力測試。該行指,第二是友邦概述了強化資本管理框架(即75%的淨FSG(free surplus generation)支付目標以及定期審查後返還超額資本)。

精算投資假設方面,由於第二季以來亞洲股市表現疲軟,監管力度不斷增加。也就是説,股市報酬並不是內含價值和税後溢利的唯一決定因素。如下半年至今的利率趨勢和匯率變化有利於今年內含價值的走勢。該行維持對友邦“買入”評級及目標價90港元,指目前估值具吸引力(預測股價對內含價值的0.97倍),料其今明兩年股東回報各8.2%(包括股息3.2%及股份回購5%)及5.5%(包括股息3.5%及股份回購2%)。

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