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《大行报告》瑞银:汇控(00005.HK)上季盈利优於预期 评级「中性」
阿思达克 02-18 14:35
瑞银发表研究报告,指汇控去年第四季税前亏损39亿美元,主因录73亿美元商誉减值拨备所致,以基本基准经调整税前盈利为44亿美元,高於该行预期6%,收入亦高於该行预期4%,抵销部份成本和减值未符预期。而核心一级资本表现胜预期。 该行指,公司新一轮的业务计划会於2022年完结,主要针对重新配置资产,例如减少欧洲非围栏银行业务(NRFB),但看到巴塞尔协议三之後的风险加权资产(RWAs)在目前水平上大致保持不变。管理层目标收入增长为2%,以及降低5%经营开支。该行料有形资产回报为10-12%。 该行又指,因应RWA计划会维持,公司将调整资产由低回报的地方,调配至高回报的市场,包括亚洲和中东市场,相信有助短期派息,相信不再有股份回购将有助其满足资本要求。 该行对公司短期审慎的看法,目标价530便士,折合约59.55港元,评级「中性」。(ic/a)~ 阿思达克财经新闻 网址: www.aastocks.com
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