一表综合大行对恒生银行(00011.HK)业绩後最新目标价及观点
恒生银行(00011.HK)今早股价持续偏淡,该股昨早(5日)公布截至6月底止今年中期业绩显示,股东应得溢利增加8%至136.56亿元。除税前溢利增加7%至158.94亿元。每股盈利为6.98元,第二次中期股息为每股1.4元,2019年上半年每股派息共2.8元。上半年净利息收入按年增11%至158.53亿元,受惠於2019年上半年市场利率上升,赚取利息之平均资产增加6%、存款息差改善,以及无利息成本资金之收益增加,净利息收益率增加11个基点至2.21%。
非利息收入按年上升2%至65.56亿元。於6月30日普通股权一级资本比率为16.4%,一级资本比率为18.2%,总资本比率为20.4%。成本效益比率为28.2%。2018年同期为27.7%。恒生银行副董事长兼行政总裁郑慧敏表示,展望今年下半年,预期经营环境继续充满挑战。
【受惠息保险业 息差存挑战】
摩根士丹利发表报告表示,恒生银行上半年每股盈利录6.98元,低於该行原预期4%,净利息收入亦低於预期,显示净息差前景正面临挑战。在全球经济放缓下,盈利能力存在压力,行业竞争加剧,前景更加艰难。该行料恒生将面临增长放缓、净息差收窄、手续费收入面临竞争的压力,将其目标价由210元下调至175元,此相当於预测2020年市盈率13倍,维持「与大市同步」评级。
花旗则表示,恒生银行上半年录股东应得溢利略优於市场预期,但认为主要受保险业务受到有利的投资环境所推动,料市场再上调对恒生预测空间有限。该行维持对恒生「中性」投资评级及目标价195元。
本网最新综合8间券商对其投资评级及目标价:
券商│投资评级│目标价(港元)
瑞银│买入│212.6元
高盛│中性│209元
摩根大通│中性│200元
花旗│中性│195元
中金│中性│185元
摩根士丹利│与大市同步│210-175元
海通国际│中性│173.2元
美银美林│跑输大市│181-166.6元券商│观点
瑞银│净息差表现令人失望,宏观经济风险上升
高盛│上半年股盈较预期高5%
摩根大通│恒生旗下中期人寿保险业务略有提升
花旗│中期纯利胜预期,但净利息收入及净息差逊预期
中金│上半年业绩略胜预期,资产质量依然强劲
海通国际│资产质量未显着下降,中港经济走势成关键
摩根士丹利│上半年业绩略逊预期,净息差前景存挑战
美银美林│净息差连续下降,信贷成本风险上升
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.