一文了解大行於匯控(00005.HK)公布季績後最新評級、目標價及觀點
匯豐控股(00005.HK)今日早市反覆偏好，集團昨日(28日)中午收市後公布首季業績，列賬基準除稅前利潤按年倒退48%至32.29億美元，低於本網早前綜合4間券商預測之中位數34.78億美元。純利按年倒退56.8%至17.85億美元，每股基本盈利9美仙。期內列賬基準收入按年跌5.1%至136.86億美元，經調整後預期信貸損失及其他信貸減值準備變動30.26億美元，大幅高於去年同期的5.69億美元，當中包括新加坡一項與企業貸款風險相關的重大撥備。
匯控行政總裁祈耀年於電話會議中重申，對撤回派息及暫停未來派息的決定感到遺憾，指相關決定不容易，亦明白對以小股東為主的股東構成問題，惟面對監管當局強烈要求。祈耀年指將於第四季審視派息政策，重申現時集團資本狀況及流動性強勁。匯控首季預期信貸損失大增，祈耀年指市場預計歐美地區次季經濟或見底，若經濟回復步伐快速，或不須進行相關程度撥備。
【錄撥備大增 資本率鞏固】
高盛指出，匯控今年撥備指引較歐洲銀行業管理局逆向壓測低30%至50%，但與同業意大利裕信銀行相若，匯控相對其他英國同業，在歐洲銀行業管理局壓力測試中有較少的信貸損失。該行認為匯控資本強勁，未來普通股權一級資本充足率最壞情況將降至13.5%。該行下調對匯控今年每股盈利預測28%，反映風險成本上升及淨息差預期轉弱，給予匯控目標價為62港元，續予「買入」評級，認為該股估值仍屬吸引。
花旗認為，匯控首季信貸損失撥備大升，但資本水平穩固，而集團重組業務計劃亦因疫情而需延期，並會在公布全年業績之前重新檢討派息政策。該行認為匯控首季普通股權一級資本比率符合預期，受益於取消派發2019年第四季股息，期內收入137億美元亦略高市場預期3%。旗下本港業務收入優預期，其成本控制較佳。該行予匯控「中性」評級，目標價維持410便士(39.63港元)。
-----------------------------------
本網最新綜合6間券商對其投資評級及目標價，未有券商調整評級及目標價，4間給予「中性」評級。
券商│投資評級│目標價(港元)
高盛│買入│62元
美銀證券│中性│44.7元
摩根士丹利│減持│44元
瑞銀│中性│43.5元(450便士)
摩根大通│中性│42元
花旗│中性│39.63元(410便士)
券商│觀點
高盛│撥備增加及信貸遷移下資本仍然穩固
美銀證券│首季業績合理，作大額撥備
摩根士丹利│撥備導致季績遜預期
瑞銀│信貸損失超預期，下調全年預測
摩根大通│預期信貸損失及淨息差壓力增，為核心一級資本帶來壓力
花旗│信貸損失大增，但業務表現及資本仍給予信心
(fc/w)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
