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大行評級|摩根大通:維持友邦保險“增持”評級 相信基本因素未在股價恰當反映
格隆匯 03-17 12:57

摩根大通發表報告指,友邦股價上週五(14日)公佈業績後下跌,看來與回購金額不足夠令市場振奮有關。該行相信市場焦點已大致由業務增長轉向總股東回報,意味現金盈利或可分配盈利展望與股價推動力高度相關。

該行指,見到截至去年,未來十年友邦累計未折現可分配收益顯著增長至466億美元,與現金利潤接近。該行又指,友邦今年預測總股東回報率達6%,且有健康儲備增長,可推動核心利潤在可見未來上升。公司若未來3年達致逾18%新業務價值年增長,整體稅後溢利增長料超出指引的11%,總股東回報有進一步上望空間。

摩通相信友邦基本因素未在股價恰當反映,維持對友邦“增持”評級,目標價102港元。

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