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花旗:重申匯豐(0005.HK)“沽售”評級 目標價54.4港元
格隆匯 10-29 17:26

花旗發表研究報告指出,匯豐控股(0005.HK)第三季業績反映集團收入疲弱、貸款虧損可能增加,投資銀行稍後可能顯著下調匯控之盈利預測,加上在資金緊張下,預計其策略計劃執行風險高,重申“沽售”評級,目標價為54.4港元。

報告説,匯控季績確認集團收入增長前景較預期更弱,集團亦不再預期2020年可達到有形股本回報超過11%的目標,並稱最新重組計劃等細節將會在公佈全年業績時一併公佈。

報告指,匯控估計第四季以及往後可能出現重大撥備,又暗示重組計劃涉及的支出或較2019年時更大,管理層強調計劃維持股息,並將普通股權一級比率維持在14%以上。花旗估計集團可能會在回購方面下功夫。

另外,花旗認為匯控收入前景弱,財務總監提到第四季一個月港元同業拆息比第三季低30點子,花旗估計將對集團淨息差帶來約3個基點的負面影響,同時,花旗提到第四季是非利息收入淡季,投行的全年預測數字似乎偏高。財務總監也證實香港中小企業的資產質素受壓。

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