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《大行報告》花旗降匯控(00005.HK)目標價至39.6元 料首季稅前少賺44% 但明年可派股息81美仙
阿思達克 04-20 11:25
花旗發表報告表示,新冠疫情衝擊匯豐控股(00005.HK)旗下主要東亞市場,而本港市場早於去年下半年已開始下行趨勢,所以可比較的基數較低。不過,花旗相信美國利率走向將令匯控淨息差存在壓力,對其目標價由44.9元下調至39.6元,維持「中性」評級。

該行下調對匯控今年每股盈利預測4%至39.1美仙,削其今年除稅前盈利預測4%至140億美元,主要是貸款損失撥備預測上升10%至60億美元。該行關注匯控業務重整計劃會否需要延遲,待集團在4月28日公布首季業績發佈會上所作更新。

花旗指,匯控現估值相當預測市賬率0.63倍,較過去五年均值折讓26%,相信集團有能力於2021財年上半派發全年度股息0.51美元。

此外,該行估計匯控今年首季列賬基準除稅前利潤34.76億美元,按年跌44%;總收入135.04億美元,按年跌6.4%;貨款撥備將升至18.69億美元;每股盈利為10.1美仙;股本回報率為5%;料至3月底止普通股權一級比率為14.6%。

花旗估計匯控於2020年至2023年除稅前利潤各為138.11億美元(按年升3.5%)、151.85億美元(按年升9.9%)、205.04億美元(按年升35%)及223.96億美元(按年升9.2%),料其2020年至2023年期內每股派付股息各為零、81美仙、51美仙及51美仙。

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