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大摩:维持汇控(0005.HK)“减持”评级 目标价52港元
格隆汇 02-18 16:43
摩根士丹利发表报告表示,汇丰控股(0005.HK) 去年第四季经调整除税前盈利高于市场原预期11%,普通股权一级比率达到14.7%,集团同时计划至2022年削减风险加权资产总值超过1,000亿美元,该行指汇控上季盈利高于该行及市场预期,相信会对股价有正面影响。季内录得亏损39亿美元,主要是要进行商誉减值73亿美元。
该行估计,汇控长远资产增长将会放慢、料其2020年及2021年净息差会持续疲弱(特别是香港业务),但相信其推行策略对股价是关键因素,相信汇控可借重组对资本进行部署,可为其未来带来增长机会,料市场会关注集团对净收益的执行能力,并预期汇控透过减省成本达到策略目标的方法是可达的。
大摩维持对汇控“ 减持 ”投资评级及目标价52港元,料其要在有形股本回报率的进展上取得进展会面临挑战,特别是香港市场呈较低回报,从而拖低集团整体回报。

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