智通财经APP获悉，摩根大通发布研报称，首次覆盖富卫集团(01828)予“增持”评级，目标价50港元，相当于预测2027财年内含价值1.1倍。小摩预测2027财年新业务价值将达11亿美元，与友邦保险2012年12亿美元的新业务价值水平相若。该股目前股价较其呈报内含价值存在折让，该行认为此估值属便宜。
富卫是泛亚洲地区最大的人寿保险公司之一，在中国香港、泰国及日本拥有重要的区域业务布局。小摩相信公司具备引人入胜的增长故事，预计未来两年新业务价值将持续录得10%的增长，经营溢利复合年增长率达16%。
报告指出，富卫已建立差异化的业务及客户组合，2024财年总年度化保费中，中国香港、东盟及日本分别占42%、52%及6%，并采用多渠道结构。值得注意的是，泰国贡献30%的新业务，使富卫成为泰国第二大保险公司，市场份额达15%。小摩认为，东盟市场复苏或泰国业务反弹可成为关键上行催化剂。
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