《大行報告》野村下調友邦(01299.HK)目標價至91.26元 評級「中性」
野村發表研究報告,表示由於Omicron疫情影響,下調友邦保險(01299.HK)2021年至2023年各年新業務價值(VNB)預測分別1.3%、7.8%及10%,現預期各年VNB將增長18%、17%及21%,即意味友邦2021年第四季按實際匯率計VNB按年增長10%。
同時,野村預期友邦2021年稅後經營溢利及股息將各增長7.8%,每股派息估計為1.458元,維持友邦評級「中性」,目標價由92.78元調低至91.26元。
野村將友邦香港業務去年VNB增長預測由12%上調至18%,但降今明兩年VNB增長預測,由分別55%及40%,降至21%及30%,以反映完成併購東亞人壽(現易名友邦雋峰人壽),亦於去年併入財表;由於本港疫情反彈及內地維持清零政策,香港與內地至今年底料難恢復通關。
此外,該行下調友邦內地業務2021至2023年各年VNB增長預測,由原先17%、30%及30%,降至分別15%、21%及25%,意味去年下半年表現持平。不過,該行料其內地業務持續錄VNB雙位數增長,快過境內中資同業,因受惠經營地區擴張。該行亦將友邦其他地區去年VNB增長預測由24%降至14%,包括泰國、新加坡、馬來西亞及越南,但維持今明兩年增長預測13%及14%大致不變。
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