一表綜合大行對恆生銀行(00011.HK)業績後最新目標價及觀點
恆生銀行(00011.HK)今早股價持續偏淡，該股昨早(5日)公布截至6月底止今年中期業績顯示，股東應得溢利增加8%至136.56億元。除稅前溢利增加7%至158.94億元。每股盈利為6.98元，第二次中期股息為每股1.4元，2019年上半年每股派息共2.8元。上半年淨利息收入按年增11%至158.53億元，受惠於2019年上半年市場利率上升，賺取利息之平均資產增加6%、存款息差改善，以及無利息成本資金之收益增加，淨利息收益率增加11個基點至2.21%。
非利息收入按年上升2%至65.56億元。於6月30日普通股權一級資本比率為16.4%，一級資本比率為18.2%，總資本比率為20.4%。成本效益比率為28.2%。2018年同期為27.7%。恆生銀行副董事長兼行政總裁鄭慧敏表示，展望今年下半年，預期經營環境繼續充滿挑戰。
【受惠息保險業 息差存挑戰】
摩根士丹利發表報告表示，恆生銀行上半年每股盈利錄6.98元，低於該行原預期4%，淨利息收入亦低於預期，顯示淨息差前景正面臨挑戰。在全球經濟放緩下，盈利能力存在壓力，行業競爭加劇，前景更加艱難。該行料恆生將面臨增長放緩、淨息差收窄、手續費收入面臨競爭的壓力，將其目標價由210元下調至175元，此相當於預測2020年市盈率13倍，維持「與大市同步」評級。
花旗則表示，恆生銀行上半年錄股東應得溢利略優於市場預期，但認為主要受保險業務受到有利的投資環境所推動，料市場再上調對恆生預測空間有限。該行維持對恆生「中性」投資評級及目標價195元。
本網最新綜合8間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
瑞銀│買入│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│與大市同步│210-175元
海通國際│中性│173.2元
美銀美林│跑輸大市│181-166.6元券商│觀點
瑞銀│淨息差表現令人失望，宏觀經濟風險上升
高盛│上半年股盈較預期高5%
摩根大通│恆生旗下中期人壽保險業務略有提升
花旗│中期純利勝預期，但淨利息收入及淨息差遜預期
中金│上半年業績略勝預期，資產質量依然強勁
海通國際│資產質量未顯著下降，中港經濟走勢成關鍵
摩根士丹利│上半年業績略遜預期，淨息差前景存挑戰
美銀美林│淨息差連續下降，信貸成本風險上升
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