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大行評級|瑞銀:下調友邦保險目標價至91港元 預期去年新業務價值按固定匯率計增19%
格隆匯 02-13 16:02
瑞銀髮表報吿指出,預期友邦保險去年新業務價值錄47.77億美元,按固定匯率計按年料增長19%,按實質匯率計料增長18%,相對於去年首九個月分別升22%及20%。該行認為友邦去年第四季增長放緩主要受中國內地及新加坡業務的影響。該行提及,如按實質匯率計,預期友邦去年税後經營溢利增長6.6%至66.22億美元,意味着下半年按年升10%。該行料友邦去年每股派息增長7.1%至1.73港元,投資者關注公司的額外股份回購計劃。此外,友邦承諾將淨自由盈餘生成額(NFSG)的75%用於回報股東,以及返還超額資本,假如去年NFSG增長5%至10%,該行估計新的回購金額將約為7億至8.5億美元,考慮到超額資本後的實際回購金額或更高。該行將友邦2024至2026年的税後純利分別升1%、下調3%及維持不變,目標價由93港元下調至91港元,評級“買入”。
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