《大行報告》美銀證券下調友邦(01299.HK)目標價至100元 評級「買入」
美銀證券維持友邦(01299.HK)評級為「買入」,目標價由108元下調100元,相當於2022年至23年股價對內涵價值比率(P/EV)的1.9倍。友邦2021財年純利為74億美元,按年增28%,其新業務價值按年增18%至34億美元,符合該行預期。新業務價值利潤率由2020財年的52.6%升至59.3%,其營運利潤上漲8%至64億美元,內含價值增長12%至730億美元,每股派息為1.46元,按年增8%。
該行將友邦2022至23年盈利預測提升9%至13%,以反映更好的成本控制。受新冠病毒對香港和中國的影響,將其今年新業務價值增長預測降至4%;預料2023年至24年新業務價值按年增速恢復至12%及13%。(ca/u)
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