花旗:予匯控(0005.HK)“沽售”評級 第三季業績遜預期
花旗發表的研究報告指,匯控(0005.HK)
第三季每股盈利表現符該行預期,但就較差過市場預期,期內税前溢利53億美元差過市場預期,而經調整收入亦低於市場預期,而匯控對前景看法較審慎,除放棄了2020年有形股本回報11%的目標,亦承諾在公佈末期業績或之前重組。
該行指出由於匯控第三季税前溢利遜預期,加上管理層警告收入方面阻礙增加,而第四季或之後將有潛在的大型開支,考慮相關因素加上市場不確定性等,予匯控“
沽售
”評級。該行指出期內匯控淨利息收入按季跌3%,與該行及市場預期相差2%及3%,而淨息差按季收窄6個基點至1.56%,而集團貸款按季持平、按年則升4%至197億美元,如按固定匯率計算客户貸款則按季升2%。匯控財富管理業陂收入分別按年及按季跌6%及13%,主要受人壽保險業務弱勢拖累,而環球銀行及資本市場業務亦呈弱勢,收入按年及按季分別跌23%及4%。
花旗指出在期內經營開支表現好過預期,按年及按季分別跌2%及7%,較該行及市場預期少7%,惟貸款損失撥備則按年增4億美元,遜市場預期。匯控不再預期2020年有形股本回報高於11%的目標,並指收入增長展望較上半年預期疲弱,但就承諾在2019財年業績或之前公佈新的財政目標,而正在規劃的新重組計劃或會在第四季及之後帶來重大開支。
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