《大行報告》大和料友邦(01299.HK)首季新業務價值按年跌22% 重申「買入」評級
友邦(01299.HK)將於本月29日公布今年首季業績。大和發表報告,預料友邦今年第一季新業務價值按年下跌22%,因為去年基數極高,加上上海、深圳等城市的銷售被疫情影響,而且還有北京冬奧等多個因素影響。不過,其有強勁的股東回報、高於同行的自然增長和受惠於美國利率上升,維持其「買入」評級,目標價維持142元不變。
大和估計去年第一季貢獻了去年友邦中國全年新業務價值的一半,估計在整個中國行業範圍內,今年第一季的新業務價值下降了30%,原因是代理商數量下降和毛利被攤薄,又估計友邦中國將在今年第一季首次披露其季度新業務價值。
大和表示,友邦香港受到第五波疫情重大影響,銀行分行頻繁關閉可能影響其銀保銷售渠道,預計香港新業務價值將按年錄得雙位數的跌幅。友邦新加坡在1月份受到Omicron疫情的影響,但程度低於香港,所導致的社交距離限制更少,預計新加玻新業務價值將出現10%多的按年跌幅。其餘市場的新業務價值應該會按年略有上升。
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