一表了解券商對中銀香港(02388.HK)於業績後最新目標價及觀點
中銀香港(02388.HK)今早股價偏軟,最新報25.9元下滑2.1%。中銀上周五收市後公布截至今年6月底止中期業績,錄純利172.54億元按年跌1.7%;低過本網早前綜合2間券商純利預測介乎176.01億元至181.19億元,每股盈利1.6319元。維持派中期息0.545元。
期內中銀總經營收入406.06億元,按年升19.97%。淨利息收入為199.03億元,按年升7.36%。若計入外匯掉期合約的資金收入或成本,淨利息收入按年上升12.2%,主要由淨息差擴闊及平均生息資產增長帶動。而淨息差為1.59%,按年升5個基點。不良貸款比率為1.27%,較2018年末升0.14個百分點。
【業績略遜色 憂盈利放緩】
中金發表報告表示,中銀上半年純利下滑1.7%至173億元,低於市場預期4%,主要是對保險業務採取較保守的會計處理,指期內收入穩定增長,受淨息差及手續費復甦所推動。該行指在考慮宏觀經濟放緩和本地經濟的情況,下調中銀香港2019年、2020年盈利預測4.8%、7.4%,各至336億元及364億元,目標價下調22%至39港元,此相當預測明年市盈率1.2倍,維持其「跑贏大市」投資評級以反映該行資產質量故能維持高股息。
摩根士丹利指出,中銀上半年撥備前營業利潤低於該行預期4%,由於香港經濟前景存在不確定性,下調中銀目標價由33元降至29元,以反映預期盈利放緩及股本成本上升。
本網最新綜合7間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
匯豐環球研究│買入│39.8元
中金│跑贏大市│50-39元
摩通大通│增持│37.8元
高盛│中性│34.7-35.9元
摩根士丹利│與大市同步│33-29元花旗│中性│29元
海通國際│中性│31.15-28元券商│觀點
匯豐環球研究│次季手續費收入受壓,貸款質量穩健
中金│市場份額穩增,資產質量保持強勁
摩通大通│資產質量穩定,強勁資本狀況能維持派息
高盛│香港銀行同業拆息按月上升,關注淨息差改善情況
摩根士丹利│撥備前利潤遜預期,經濟疲軟令收入難以維持
花旗│上半年稅後利潤符預期,憂慮淨利息收入惡化
海通國際│股本回報率料長期降至11.75%,下調目標價
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