《大行報告》瑞信:在壓力很大情況下 友邦(01299.HK)合理值料為63元
瑞信發表研究報告指出,友邦(01299.HK)股價於過去兩周累跌14%,跑輸恆指。而友邦中國業務近年新業務價值錄得負增長,加上對經濟增長放緩的擔憂,部分投資者愈來愈憂慮公司於中國的風險敞口和增長前景,以及資本市場波動。估計友邦今年下半年的內涵價值前景將受多重資本市場不利因素影響。
雖然該行認為友邦中國業務面臨挑戰,但仍期望其新業務價值遠超同行。此外,儘管目前邊境重新開放時間仍存不確定性,但內地訪港旅客投保業務(MCV)對海外保險的需求應穩健。
瑞信預期,友邦股價已反映對內地、MCV業務及東盟經濟放緩的不利因素。在壓力很大情況下,友邦合理值料為63元。維持其目標價85元及「跑贏大市」評級。
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