大摩维持渣打(2888.HK)“减持”评级料下半年势头或转弱
大摩发表的报告指,渣打(2888.HK)
次季业绩符预期,当中收入表现与该行预期一致,较市场预期高1%,而成本方面则按年下跌4%,按季计算则跌6%,较该行估算低1%,带动拨备前营业利润表现符该行预期。期内普通股权一级资本比率为13.5%,低于该行预期的13.7%及市场预测的13.8%,反映往后回购将视乎渣打盈利能力,该行估算未来两年各回购10亿美元股票,而现有的回购计划则已完成约75%。
该行维持对渣打“
减持
”评级,认为其势头下半年或会转弱,主要因为亚洲区特别是香港增长放慢,而利率亦呈向下的走势。香港虚拟银行料将为系统收入带来压力。渣打基本盈利能力仍然疲弱,予目标价57港元。
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