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《大行報告》美銀證券:匯控(00005.HK)減派股息 降目標價至44.7元
阿思達克 04-01 11:34
美銀證券發報告表示,英倫銀行要求對英國大型銀行暫停派2019年第四次股息,匯豐控股(00005.HK)隨即宣布跟隨建議,決定取消派發2019年第四次股息,該行估計匯控於2020年每股末期息降至0.1美元水平,決定下調對集團今年每股股息預測由0.4美元降至0.21美元。

該行表示,重申對匯控「中性」投資評級,將英國上市股份目標價由500便士降至460便士,將本港上市目標價由47.5元降至44.7港元,以反映集團分派降低、及資本成本預測由9%升至10%。

美銀證券稱,匯控旗下本港業務貢獻去年除稅前盈利121億美元、英國僅佔17億美元,而本港零售個人投資者共持有匯控約28%、內地投資者佔11%,該行估計亞太區投資者會持匯控好倉多於英國投資者,因英國面臨脫歐及進行分隔措施,匯控的策略是降低英國批發營運業務,該行指見到倫敦所面臨監管不明朗因素風險。

美銀證券料匯控於2019年至2021年每股派息各為0.3美元、0.21美元及0.3美元(對比2018年為0.51美元),各下調41.2%、下調30%及上調42.9%,料2020年及2021年股息回報預測各為3.73厘及5.33厘。(wl/a)

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