《大行報告》摩通:友邦(01299.HK)獲准成立四川分公司 另還具三個催化劑
摩根大通發表研究報告,指出友邦(01299.HK)剛宣布獲中銀保監批准開始籌建四川分公司,為友邦中國獲批籌建的首家全資分公司。該行指,歡迎公司這一新進展,認為這為公司增加了未來的增長動力。今後,公司將會在中國三個省份(包括江蘇、廣東及四川);以及四個城市(包括北京、上海、天津及石家莊)營運。根據國家統計局數據,這些地方佔中國2019年GDP的40%。
由於四川省的經濟規模較大,一旦公司獲得最終營運批准,市場將會對其四川業務的中期增長潛力作額外反應。而該行屆時亦會重新審視友邦的股價對內涵價值比率(P/EV)及賬面淨值(NBV)。該行相信,市場對公司股票的短期反應將會是正面,相信此進展會令其新業務價值增長提速。
該行亦看到友邦有另外三個潛在催化劑,包括第三季業績表現、香港離岸業務恢復,以及東盟業務復甦。重申對友邦的「增持」投資評級,目標價為94元。
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