《大行报告》大摩:渣打(02888.HK)上季收入胜预期 但目前估值不吸引
摩根士丹利发表报告表示,渣打集团(02888.HK)公布今年第三季收入按年升7%,优於该行及市场原预期4%,期内金融市场收入按年升25%强劲,受惠於信贷及资本市场录按年升3倍强劲增长。
报告指,渣打第三季成本按年持平,优於大摩及市场同业预期各1%及4%,渣打指引已指今年第四季成本将会按季提高。集团维持2021年有形股本回报目标10%,但指基於利率及增长环境下未来将面临风险。
大摩表示,维持对渣打「减持」投资评级及目标价52元,料渣打今年第四季收入将承压,包括低息环境及本港业务放缓影响等,并指渣打目前估值并不吸引,相当有形资产净值0.7倍及市盈率12倍。
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