金吾财讯 | 友邦保险(01299)盘初股价上行，截至发稿，涨3.55%，报61.2港元，成交额12.57亿港元。大摩研报指，预期友邦股价在未来30天将有七至八成机会上升。该行表示，集团首季业绩胜于预期，由于年化新保费(APE)扩张及利润率改善，集团去年创下季度业绩新高，按固定汇率(CER)计，新业务价值(VNB)增长达13%。大摩认为友邦今年余下时间将继续提供整体健康的双位数增长，而目前的估值仍处于低位，因此相当吸引，续予目标价81港元，评级“增持”。招银国际研报指，维持公司“买入”评级，目标价89.0港元，对应1.6倍FY25E P/EV，当前股价交易于1.05倍FY25E P/EV和1.65倍P/B，估值位于历史底部区间，上行空间较大。公司一季度新业务价值(VONB)同比增长13%(固定汇率口径)至15亿美元，在去年同期高增长基数下(+31%)保持稳健，得益于NBV价值率改善，同比增长3个百分点至57.5%，和年化新单保费(ANP)同比增长7%的共同驱动。新业务价值率较快提升，反映公司负债产品结构显着改善，1-2月分红型长期储蓄险贡献该类产品的新业务价值>80%。另外，该行提到，公司4月11日更新16亿美元回购计划完成时间至3个月，超出此前于年内完成回购的预期，有望于7月底（中期业绩披露前）完成全额回购。
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