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大摩:予友邦保險(1299.HK)增持評級 目標價130港元
格隆匯 02-22 16:43

摩根士丹利發表研究報吿表示,友邦保險(1299.HK)2021年度實現按實質匯率(AER)計算新業務價值(VNB)雙位數增長,認為隨着亞洲區從新冠疫情中復甦,其收益及內涵價值等關鍵財務指標將持續擴大,亦指其資本及派息前景將為去年度業績的焦點,予目標價130港元及“增持”評級。

該行預計,集團於去年的税後營運溢利,按實質匯率(AER)計將錄增長6%,料去年税後淨利及按AER計算的內涵價值均增長8%,估計去年全年集團的VNB將為32億美元,以AER計增長17%,以固定匯率(CER)計則增長14%,意味着第四季若以AER計增長5%,以CER計則增長9%,反映出疫情防控有所放鬆所帶來的改善,較第三季度有所改善。

該行指出,就國家表現而言,儘管保險業走軟,但在穩定的代理隊伍和持續的地域擴張的推動下,相信集團於內地的全年表現仍能顯著優於國內同行。總體而言,該行估計集團的VNB或已恢復至超越2019年的疫情前水平,但不包括香港業務。

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