《大行報告》美銀證券料匯控(00005.HK)需作進一步業務重組 維持「中性」評級
美銀證券發表研究報告,指匯控(00005.HK)建基於存款,而其盈利能力建基於息差,目前利率處於歷史低位,令公司成本和資產負債表有收窄的可能。該行認為公司2020-22年重組成本將達23億美元,當中包括540億元加權風險資產的減值,相信未來需再作業務重整,當中包括退出市場或投資銀行業務,相信下一步會退出的業務很大可能是股票、美國零售、歐洲企業貸款與諮詢、或部份小型地區。
該行指,香港的發展強勁,但一旦香港進入緩慢復甦或國安法的實施令公司遷冊或走資,則會令公司未來增長面對挑戰,但香港是唯一的選擇,因目前英國仍然受政治因素困擾,包括脫歐令成本增加,當地負利率將令公司收入減少,以及禁止派息的政策適得其反。
該行又指,公司除香港以外業務估值低於資本投入0.3倍,反映公司有機會擺脫成本的壓力,退出風險資產,重申「中性」評級,目標價為440便士,即約43.29元。
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