大行評級|招銀國際:維持友邦保險“買入”評級 新業務價值增長穩健
招銀國際發表研究報告指,儘管友邦保險新業務價值增長穩健,財務狀況良好,但其股價去年跌17.3%,跑輸了市場主要指數表現及其他同業。該行認爲集團被低估的原因是對各個業務部門新業務價值能否轉化爲穩健的收益、現金流和股東回報,包括股息和回購存疑。
該行料友邦去年按固定匯率計新業務價值升兩成,集團每股營運利潤(OPAT)及內含價值在去年可錄得按年7%及6%的增幅。總股東回報或升至8%,投資者期望今年3月中旬公佈業績時宣佈新一輪股份回購計劃。該行認爲,充足的股東回報或會推動資金流入,維持其評級“買入”及目標價94港元。
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