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大行評級|高盛:下調友邦保險目標價至91港元 維持“買入”評級
格隆匯 03-18 14:40

高盛發佈研報指,若長期債券收益率不再進一步低於2024財年水平,該行的估計顯示,友邦能夠在維持穩定資本比率的同時,每年額外提供10億美元的回購資金。任何正面的經營變動(例如債券收益率回升)可能為增加股東回報提供額外空間。友邦在新業務價值(VONB)計算中採用的保守利率假設可能對2025財年的VONB利潤率產生負面影響,但影響在可控範圍內。另一方面,泰國的正向利潤率擴張以及其他市場更高的利率可能為增長提供順風助力。

高盛根據友邦2024財年業績對預測進行微調,將2026/27財年的額外回購預估下調至10億美元,但鑑於末期股息增幅超出預期,將2025至27財年的每股股息增長預估上調至7%(此前為每年5%),將2025至27財年的VONB預測下調2%,仍預計2025財年VONB將實現雙位數增長。該行將其目標價由94港元下調至91港元,維持“買入”評級。

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