摩通:重申友邦保險(1299.HK)增持評級 目標價110港元
摩根大通發表研究報吿指,友邦保險(1299.HK)早前在科技化、數碼化、數據分析化(TDA)方面舉行了投資者日,該行認為投資者日提供了重新審視有關投資的機會,雖然TDA仍未能改變目前形勢,但能推動更高的新業務價值增長,更多自由現金流產生及更好的客户滿意度,亦認為投資者日形象化了在可預見的未來中更高的新業務價值增長、營業利潤和現金流的關鍵驅動因素,予目標價110港元及重申“增持”評級。
該行續指,現時兩個短期催化劑為逐步重新開放香港與內地邊境以及公司在今年全年報吿中提前採用新的償付能力標準,亦指公司在今年首九月表現優於大市,而隨着穩定的產品利潤,代理人數壓力似乎有限,預期2022及2023財年新業務價值增長分別增長31%及43%。
該行表示,根據管理層所述,該項TDA所用的整體時間為三年,從2020年8月到2023年7月,在現有的資訊科技基礎設施費用的基礎上,總預算為10億至15億美元隨着更多區域邊境開放等因素,認為保費增長具潛在的上行空間。
該行提及,公司一直專注於管理其在香港、新加坡和泰國的領先地位。整個地區的低保險滲透率、中國和東盟市場有利的人口變化和家庭收入增長,有助支持強勁的新業務價值增長勢。
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