《大行報告》大摩:匯控(00005.HK)削派息 料對中國平安(02318.HK)影響有限
摩根士丹利發表報告指,匯豐控股(00005.HK)受疫情影響突然叫停派息,並已拖累匯控昨股價跌約10%,雖然中國平安(02318.HK)持有匯控7%股權,但該行認為對其盈利、派息及資產情況影響有限。
該行指出,中國平安在2017-2018年間購入匯控7.01%的股權,當時匯控股價介乎每股介乎67-85元,基於2019年底股價60.85元,中國平安在匯控的投資約值790億元人民幣,佔其投資資產規模僅2%,而期內每年的股息收入約為50億元人民幣,佔公司去年淨投資收益的3%。
大摩相信匯控突叫停派息對中國平安影響有限,雖然股息收入減少將影響其淨收益率約11個基點,但影響會與保單持有人及股東等分擔。匯控股價今年以來跌31%,將減低中國平安的帳面值及可用資本,但影響僅分別為1%及0.5%。該行指出由於中國平安的派息並非與盈利掛勾,而公司的經營利潤亦能免疫於短期投資波動。(el/w)
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