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瑞銀:給予匯豐(0005.HK) “中性”評級 目標價58港元
格隆匯 11-21 16:32

瑞銀髮布報告,給予匯豐控股(00005.HK) “中性”評級,目標價58港元。瑞銀預期匯控2020年市盈率10.8倍,股份攤薄後的股息收益率5%,有形資產回報率將為9-10%。瑞銀稱,公司管理層早前確認將在2020年2月18日公佈全年業績時,宣佈實質重組計劃。近期瑞銀的每股盈利預測存在下行風險,基於重組規模越大,對每股收益拖累越大,暫時認為重組將對收入及資本形成更大挑戰,暫無不確定性折讓率。

該行稱,預期2020年2月公司管理層的主要任務是説服投資者購買該股,要求投資者審視1-2年的重組成本和負運營槓桿相對資本比重是否合理。即使瑞銀一項調查表示,71%均是看淡,只有29%持中性和無人看好,但現階段估值並未包含明顯的重組的不確定性所引致的折讓和利率下降。

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