《大行報告》星展下調恆生(00011.HK)目標價至166元 降今年盈利預測6%
星展發表研究報告指,恆生(00011.HK)去年度盈利升3%至248億元,符預期,但相等於下半年盈利跌3%,主因信貸撥備較高所致。下半年資產貿素持平,不良貸款率維持在0.22%,淨息差較上半年收窄3點子至2.19%,主因《總吸收虧損能力細則清單》實施,若撇除有關因素,淨息差則會是升2點子至2.24%。
該行指,公司在資本方面仍然強勁,一級資本比率和資本風險值分別比上半年改善53點子及44點子。派息亦好過預期,派息比率提升至64%(2018年60%),而股息率相當於5%。
該行表示,管理層未有為明年貸款需求和淨息差的表現提供清晰指引。不過,因應近期疫情,企業和個人貸款需求放慢,淨息差也有下跌趨勢。此外,若未來經濟下行信貸成本會增加。
該行降恆生今年盈利預測6%,將目標價由172元下調至166元,維持「持有」評級。(ic/u)~
阿思達克財經新聞
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