《大行報告》瑞信:友邦(01299.HK)購藍十字短期影響有限 料去年新業務價值按實質匯率升17%
瑞信發表報告,指友邦保險(01299.HK)購藍十字,料短期對新業務價值及稅後淨利潤影響有限,因藍十字集中團體保險,且估算藍十字及Blue Care在2020年的稅後淨利潤亦僅為2,800萬美元,不足友邦整體的1%。但協議將長遠逐步對友邦帶來價值,不但有助招客,亦增加現有客戶粘貼性及客戶生命周期價值。
另外,該行亦對友邦去年業績作預測,預計友邦去年新業務價值按實質匯率升17%至32億美元,單計去年第四季為6.87億美元。內涵值按年升7%至700億美元,稅後經營溢利按年升8%至64億美元,每股派息按年升8%至1.47元。但該行預計友邦中國業務今年首季至今新業務價值按年下跌,受產品組合改變導致新業務價值利潤率收縮,以及去年高基數影響。本港業務方面,新冠疫情對本土銷售及通關時間表帶來不明朗。
該行維持對友邦的「跑贏大市」評級及目標價104元不變。
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