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《大行報告》摩通下調恆生(00011.HK)目標價至120元 派息減幅較預期大
阿思達克 04-29 11:18
摩根大通發表研究報告,指恆生銀行(00011.HK)首季派發第一次中期息低過該行預期,而自匯豐控股(00005.HK)業績顯示,恆生資產質素於上半年受壓情況或較該行估計嚴重,該行將恆生2020至2021年盈利預測下調13%,以反映對恆生的淨息差及信貸成本展望更趨保守,重申「減持」評級,目標價由142元降至120元。

恆生宣派第一次中期息每股1.1元,按年跌21%,低於該行及市場預測,而據公告指,監管機構建議銀行考慮保留資本以滿足未來的潛在挑戰,並支持本地經濟活動,故該行將恆生全年派息預測下調至每股6.9元。

摩通指出匯控香港業務的稅前溢利按年跌13%,主要由於利潤受壓,而淨息差亦按季收窄4個基點,此外減值開支亦增33%。該行估計恆生上半年信貸成本將向上,但認為下半年或呈按半年下降。在貸款增長方面,匯控香港業務首季貸款按年增6%,大致符預期,估計恆生貸款增長勢頭亦相對堅韌,主要因為就疫情推出了寬鬆措施。

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