《大行報告》大摩:友邦(01299.HK)首季新業務價值基本符預期 香港業務為亮點
摩根士丹利發表研究報告指,友邦(01299.HK)首季新業務價值(VNB)按年下降 18%,表現符合預期,主要由於中國業務高基數及期內疫情對東盟市場的不同程度影響。管理層強調相關影響屬暫時性,指出部分市場確診數字從高位回落後,銷售活動已出現反彈。期內總加權保費收入(TWPI)增長5%,按新業務保費現值(PVNBP)計利潤率維持穩定為10%。目標價124元,評級「增持」。
大摩表示,中國仍然是友邦保險的最大市場,期內中國VNB因去年一次性推廣而下跌30%至40%,符合市場預期。香港業務首季表現令人驚喜,雖然面對疫情衝擊,仍然能錄得按年增長,成為亮點。
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