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瑞銀:匯控(0005.HK)上季盈利優於預期 評級“中性”
格隆匯 02-18 15:43
瑞銀髮表研究報告,指匯控去年第四季税前虧損39億美元,主因錄73億美元商譽減值撥備所致,以基本基準經調整税前盈利為44億美元,高於該行預期6%,收入亦高於該行預期4%,抵銷部份成本和減值未符預期。而核心一級資本表現勝預期。
該行指,公司新一輪的業務計劃會於2022年完結,主要針對重新配置資產,例如減少歐洲非圍欄銀行業務(NRFB),但看到巴塞爾協議三之後的風險加權資產(RWAs)在目前水平上大致保持不變。管理層目標收入增長為2%,以及降低5%經營開支。該行料有形資產回報為10-12%。
該行又指,因應RWA計劃會維持,公司將調整資產由低迴報的地方,調配至高回報的市場,包括亞洲和中東市場,相信有助短期派息,相信不再有股份回購將有助其滿足資本要求。該行對公司短期審慎的看法,目標價530便士,摺合約59.55港元,評級“中性”。

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