《大行報告》海通國際:匯控(00005.HK)首季經調整除稅前盈利遜預期 管理層今年前景指引「灰暗」
海通國際發表告表示,就匯豐控股(00005.HK)中午公布首季純利18億美元按年跌56.8%,經調整除稅前盈利錄30億美元,按年下滑51.3%,低於市場同業預測(該行原料44億美元),遜預期主要是季內信貸損失準備較預期為高,並形容匯控管理層維持對今年前景指引為灰暗(Gloomy)。
該行指,匯控首季淨息差預測由2019年第四季的1.56%,收窄至季內1.54%,主要是香港及美國業務淨息差收窄所影響,而上海匯豐銀行首季淨息差由2019年第四季的2%,收窄至季內1.96%,匯控管理層料由於息率低企會對淨利息收入構成負面影響。
海通國際指,匯控首季收入與支出增長之差距(Jaws)為負數,指經調整收入按年下滑5.8%,而集團管理層料今年經調整支出將下滑3%。而匯控首季信貸損失準備高達30億美元,較2019年第四季7億美元明顯上升,管理層料今年信貸損失準備介乎70億至110億美元。而海通國際並無給予匯豐控股評級及目標價。
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