大行評級丨花旗:重申友邦保險“買入”評級 首季新業務價值超出預期
花旗發表報告指,友邦保險公佈2025年第一季度新業務價值超出預期,實現業務量增長與利潤率擴張,並透露了更多債券及中國投資組合的細節。儘管中國業務假設變動帶來阻力,友邦仍實現13%的新業務價值按年增長(按實際匯率/固定匯率計算),高於花旗預估的7%按年增長(按固定匯率)。新業務合約服務邊際按年增幅加快至16%。
花旗對友邦一貫穩定的業績表現及其在行業條件和宏觀環境變化中的韌性印象深刻,今年預測股價對比每股內涵價值(P/EV)僅一倍,估值合理具吸引力。該行重申“買入”評級,目標價99港元。
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