一文了解券商對匯控(00005.HK)公布業績後最新觀點及目標價
匯豐控股(00005.HK)今早股價偏淡,曾低見56.2元,集團昨日(18日)中午公布去年全年業績,列賬基準除稅前利潤按年跌近33%至133.47億美元,遠低於早前本網綜合5間券商預測187.39億至210億美元,於未來兩年將進行重組,計劃於2020年及2021年暫停股份回購,直至2022年起再行恢復,新三年目標包括於2022年底前削減風險加權資產總值超過1,000億美元。
摩根士丹利發表報告表示,匯控去年第四季經調整除稅前盈利高於市場原預期11%,季內錄得虧損39億美元,主要是要進行商譽減值73億美元。大摩維持對匯控「減持」投資評級及目標價52港元,料其要在有形股本回報率的進展上取得進展會面臨挑戰。
【績後股價軟 停兩年回購】
摩根大通指,匯控去年第四季業績總體優預期,但無論如何,集團於2020年及2021年暫停股份回購,將會令市場感到失望,指現股價相當預測市賬率0.8倍,料潛在上升空間有限,維持對其「中性」投資評級及目標價63元,指匯控對今年前景取態審慎,特別是本港業務會受到內地疫情所影。
美銀證券指,重申對匯控「買入」投資評級,指其新目標包括並致力於2022年達致10%至12%的列賬基準有形股本回報率,即2022年每盈利最少達到0.71美元,指目標具野心,而該行料匯控於2020年及2021年每股經調整盈利均為0.51美元。
現表列出7間券商對匯控最新評級及目標價:
券商│投資評級│目標價(港元)
Jefferies│買入│7.9英鎊(約79.79港元)
高盛│買入(「確信買入」名單)│75港元
美銀證券│買入│630便士(約63.63港元)
摩根大通│中性│63港元
瑞銀│中性│530便士(約53.53港元)
摩根士丹利│減持│52港元
花旗│沽售│5.1英鎊(約51.51港元)
------------------------------
券商│觀點
Jefferies│削減風險加權資產可令股本回報率達10%-12%
高盛│重整資本做法正確,2022年盈利能力指引略優預期
美銀證券│削減風險加權資產令經營更有靈活性
摩根大通│暫停回購或令市場失望
瑞銀│經調整盈利44億美元高於預期,短期看法審慎
摩根士丹利│上季盈利高於該行及市場預期,減成本策略得宜
花旗│估計2022年股本回報率為9%,有形股本回報率11%
(ta/w)
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阿思達克財經新聞
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