《大行报告》摩通下调汇控(00005.HK)目标价至38.5元 削今年经调整盈测两成
摩根大通发表报告表示,在评估汇丰控股(00005.HK)首季业绩後,决定下调对其2020年至2022年每股经调整盈利预测各20%、5%及3%,以反映美国及英国下调息率,兼且总体成本基础的弹性有限,料集团今年一级资本比率降至14.2%。
该行指,维持对汇控「中性」投资评级,将至今年12月的目标价由42元降至38.5元,此按股息折现模型(Dividend Discount Model)作估值,料其正常化股本回报率为6.9%、资本成本为9.5%。
摩通估计汇控於2020年至2022年每股经调整盈利预测分别为0.29、0.55及0.62美元,料其2020年每股派息为零,并预测其2021年及2022年每股派息均为0.3美元。
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