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星展:下调恒生银行(0011.HK)目标价至166港元 评级“持有”
格隆汇 02-19 15:24
星展发表研究报告指,恒生银行(0011.HK)去年度盈利升3%至248亿港元,符预期,但相等于下半年盈利跌3%,主因信贷拨备较高所致。下半年资产贸素持平,不良贷款率维持在0.22%,净息差较上半年收窄3点子至2.19%,主因《总吸收亏损能力细则清单》实施,若撇除有关因素,净息差则会是升2点子至2.24%。
该行指,公司在资本方面仍然强劲,一级资本比率和资本风险值分别比上半年改善53点子及44点子。派息亦好过预期,派息比率提升至64%(2018年60%),而股息率相当于5%。
该行表示,管理层未有为明年贷款需求和净息差的表现提供清晰指引。不过,因应近期疫情,企业和个人贷款需求放慢,净息差也有下跌趋势。此外,若未来经济下行信贷成本会增加。该行降恒生今年盈利预测6%,将目标价由172港元下调至166港元,维持“持有”评级。

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