大和:維持友邦(1299.HK)買入評級 目標價100港元
大和發表研究報告指,友邦保險(1299.HK)新任首席執行官李源祥在集團上半年業績簡報會上提到,友邦中國已全面展開其業務擴展,除了已在7個省份設立分部,集團亦確定了10至12個省份,作為擴展業務的潛在市場。該行維持友邦目標價100港元,以及買入評級。
大和表示,與目前在中國各省的市場相比,集團選定的新市場,在2030年覆蓋的中產階層人口將增加4倍,特別是杭州、成都、鄭州、武漢等較富裕的城市,很可能是初期的重點。集團又指,中國擁有豐富的人才,加上數碼渠道及工具開始普及,可用於招聘、培訓、銷售等,加上未來新的健康生態系統合作伙伴,認為不會在大幅擴展業務及分銷團隊時,犧牲其代理人的質素。
該行指,留意到隨著各地因應新型冠狀病毒肺炎疫情的封鎖措施放寬,集團在亞洲地區的新業務價值在4月至7月都有所改善。該行將集團今年至2022年的每股盈利預測降低6%至11%,以反映年化新保費表現疲弱,以及費用超支。
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