高盛料汇控(0005.HK)次季收入按年增5%回购成为焦点
高盛发表的研究报告指,汇控(00005.HK)将于8月5日公布次季业绩,该行估计次季汇控收入将按年升5%,而市场则料升2%,考虑到银行同业拆息(HIBOR)于季内向上,相关收入贡献达三成故将获带动,惟与资本市场及财富管理相关的业务(贡献收入36%)表现或较弱。

该行指出净息差受惠HIBOR走势预计亦有正面的表现,但认为应聚焦於净利息收入按季改善情况,并留意2019年度净利息收入增长的表现。该行指出汇控首季净利息收入表现弱过预期,而管理层亦指引相关按年增长温和,该行则估计将持平。
在成本方面,首季收入增长率较支出增长率高6个百分点,但管理层预计投资增长将令今年余下时间成本较高,该行估计次季成本按季增长2%,而收入增长高於成本增长(Positive jaws)的情况在第二季仍然会持续。
而在拨备方面,该行认为资产质素继续健康,而信贷成本或温和提升,预期英国脱欧将成下半年主要不确定性。另外管理层会否宣布回购亦将成焦点,因为汇控已逾一年未有回购,该行指考虑到其资本情况估计汇控将公布25亿美元的回购,但「硬脱欧」或令回购未必成事。
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