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《大行報告》里昂下調友邦(01299.HK)目標價至100元 評級「買入」
阿思達克 03-17 15:26
里昂發表研究報告指,友邦保險(01299.HK)2021年新業務價值(NBV)按年增長18%,較預期高出3%,對友邦去年下半年香港業務強勁表現及回購計劃感到非常驚訝,因應業績表現調整對未來幾年預測,預期2022至2024年友邦NBV將分別增長2%、20%及21%。 該行表示,今年首季中港市場均充滿挑戰,因去年基數高及目前疫情發展帶來影響,但相信趨勢會持續好轉。公司宣布將進行大型回購,里昂對大規模的回購感到非常驚訝,預期回購股份可能佔其目前市值的8%,將緩解部分投資者對資本過剩的擔憂,有助支持股價表現與提升資本效率, 里昂指出,友邦現價水平降至股價對內涵價值比率1.5倍,對比一年前為2.2倍,仍低於平均1.8倍的水平,預期回購改善資本效率,可能會引發重新評級,根據業績表現調整預測,將目標價從103元下調至100元,並重申「買入」評級。
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