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舊經濟滄海遺珠 友邦平保值得投資?

舊經濟板塊表現落後,友邦保險(SEHK:1299)及中國平安(SEHK:2318)值得投資? –

新經濟股持續成為市場焦點,舊經濟板塊表現普遍落後,但市場資金流向不影響業務質素。年初至今分別錄得約15%12%跌幅的友邦保險(SEHK1299)及中國平安(SEHK2318)或成舊經濟產業的滄海遺珠。

行業前景依明朗

新經濟產業抬頭為不少傳統產業帶來挑戰,如電商崛起或造成連鎖零售商銷售表現受挫。不過,一些舊經濟產業所受影響相對有限,保險業就是其中之一。無論大眾的消費模式有何轉變,生老病死仍是必經過程,只要人口持續擴張,保險需求都會隨之而增長,人均收入上升更可以加速保險需求增長。

疫後重振值得期待

疫市中保險銷售渠道大受打擊,如面對面活動大減,保單銷售情況不理想是意料之中。中國平安及友邦保險是領先市場的保險品牌,長線增長實力受疫情影響有限。著疫情持續緩和,中國經濟在第二季度已錄得GDP正增長,反映經濟靠穩。過去多年一直推動著內需增長的中產人口有望持續擴張,有利保險產業在長線穩定增長。

平保擁領先金融平台

中國平安擁有領先中國市場的線上金融生態,其在去年底的互聯網用戶量已逾5億,同比增長為16.2%,而APP用戶量則為4.7億,按年增加17.8%。線上渠道可提升國平安銷售效能,因品牌與客戶的互動將會增加,利好保險產品銷售。大眾在疫市中的健康意識提高,集團擁有約4成權益的平安好醫生(SEHK1833)經營著領先中國市場的線上醫療平台,這或可加強中國平安的品牌實力,產生協同效應。

友邦增長引擎將復甦

邦保險的業務板圖覆蓋多個亞太區增長市場,而中國就是其一。在2019年度,中國內地業務的新業務價值佔比為26%,僅次於核心香港市場的37%。按新業務價值增長及新業務價值利潤率計,中國內地業務在友邦眾多分部中排第一,其固定匯率計新業務價值增幅為27%,而利潤率更有93.5%。隨著中國保險市場在疫後重拾增長,中國內地業務有望再次成為友邦的增長引擎。

結語

儘管市場資金持續由舊經濟板塊流出,中國平安及友邦保險的增長前景依然明朗,長線投資值得關注。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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