《大行報告》大摩:匯控(00005.HK)首季核心稅前盈利低預期三成 因撥備大增
摩根士丹利發表報告表示,匯豐控股(00005.HK)首季核心稅前盈利低於市場原預期30%,主要是集團作出較高貸款損失撥備(撥備近30億美元,大幅高於市場原預期17億美元),純利錄22億美元,期內收入按年跌7%符預期,成本控制較佳,錄按年下跌5%。
該行指,匯控對全年撥備指引介乎70億至110億美元,對比市場原預期75億美元,普通股權益第一類資本14.6%,而集團指將在公布2020年全年業績時重新檢視其派息政策。
大摩表示,匯控目前估值相當預測今年市盈率10.1倍、今年每股有形資產淨值0.7倍,維持對其「減持」投資評級及目標價44元,指首季業績表現會令市場對集團的預測構成壓力,擔心撥備及淨息差下行壓力上升。
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