大摩:渣打(2888.HK)上季收入勝預期 但目前估值不吸引
摩根士丹利發表報告表示,渣打集團(02888.HK)公佈今年第三季收入按年升7%,優於該行及市場原預期4%,期內金融市場收入按年升25%強勁,受惠於信貸及資本市場錄按年升3倍強勁增長。
報告指,渣打第三季成本按年持平,優於大摩及市場同業預期各1%及4%,渣打指引已指今年第四季成本將會按季提高。集團維持2021年有形股本回報目標10%,但指基於利率及增長環境下未來將面臨風險。
大摩表示,維持對渣打“減持”投資評級及目標價52港元,料渣打今年第四季收入將承壓,包括低息環境及香港業務放緩影響等,並指渣打目前估值並不吸引,相當有形資產淨值0.7倍及市盈率12倍。

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