《大行報告》大摩升友邦(01299.HK)目標價至97元料中期新業務價值升19%
摩根士丹利發表的報告指,預期友邦(01299.HK)上半年經營表現與首季相若,料新業務價值增長(按固定匯率計)將為19%,對比首季增速則為18%,當中香港及中國應繼續帶領增長,而泰國業務勢頭則持續復甦。該行將友邦目標價由91元升至97元,此相當預測今年新業務價值16倍,維持「增持」評級。
該行估計,友邦上半年公司經營稅後溢利將為30億美元,按實際匯率計算按年增13%,預期派息比率將維持在17%的水平,中期派息增長11%至每股0.324元。而部分亞洲地區貨幣相對美元弱勢,但當中大部分市場的股市在今年上半年均呈升勢,意味內含價值仍有實質增長。
大摩預期,友邦上半年計及匯率影響(即實際匯率計)新業務價值增長將為16%,反映次季增長略為向上至17.4%(按固定匯率計算則為20.3%),規模及利潤均見擴張。
按區域劃分,大摩估計友邦上半年情況與首季類似,旗下香港及中國人地業務帶動主要的新業務價值增長,而中國新業務價值增長則為(按固定匯率計)35%,而香港增長則為17%。泰國新業務增長則料會穩定在10%的水平,而馬來西亞及新加坡新業務價值將持平或呈負增長,在經濟放慢的情況下市場亦已有預期。 ~
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