《大行》美銀證券降友邦(01299.HK)目標價至90元 評級「買入」
美銀證券發表研究報告指,友邦保險(01299.HK)上半年純利按年跌24%至25億美元,以固定匯率計算,集團新業務價值按年升14%至28億美元,稍低於該行預期,新業務價值利潤率由去年上半年的53.9%升至57.7%。友邦保險於上半年回購約19億美元後,內含價值按年升4%至709億美元。
該行指,將公司在2025年至2027年盈利預測下調8%至11%,以反映保險合約淨財政開支預測被上調,其目標價由92.2元下調至90元,其評級為「買入」。
報告指,管理層在業績後會議詳細講述內地市場策略,即使內地傳統上是友邦最大市場之一,但如此程度的重視反映友邦對內地市場進一步深耕密植。此外,香港市場的監管改變屬重要驅動力。上半年友邦在香港市場新業務價值按年升24%,單計次季升約30%,主要由訪港內地旅客需求帶動,因受本港7月起實施分紅保單利益說明演示回報率上限之前的銷售催谷影響,代理在次季加快銷售步伐,因為可展示更進取的預測。
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