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花旗:匯控(0005.HK)上季業績穩固 維持“沽售”評級
格隆匯 02-18 16:17

花旗發表報告表示,匯豐控股(0005.HK)上季業績穩固,其2019年第四季核心除税前盈利43億美元,高於市場原預期11%,主要是貸款損失撥備較少(按年跌22%,對比市場原預期按年跌14%),期內收入高於市場預期4%,主要是交易收入強勁(按年升12%),季內錄鉅額虧損主要是環球銀行及資本市場(GBM)商譽進行40億美元減值。

該行指,匯控新策略計劃是至2022年達致10%至12%的列賬基準有形股本回報率,將同時在2020年及2021年暫停進行股份回購。

花旗表示,匯控計劃至2022年削減風險加權資產總值超過1,000億美元,進行45億美元新一輪削減開支,將2022年的經調整支出基礎降低至310億美元或以下,該行估計集團於2022年股本回報率為9%、有形股本回報率為11%。該行相信匯控新策略會令其2020年至2022年營運數據作出轉變,相信至2023年重組的效果會顯現,重申對其“沽售”投資評級及目標價5.1英鎊(約51.49港元)。

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