大摩:渣打(2888.HK)次季业绩胜预期成本控制凑效 目标价46港元
摩根士丹利发表研究报告表示,渣打(2888.HK)第二季业绩胜预期,期内收入较预期高5%,成本则低3%,拨备前经营溢利较市场预期高出25%,而信贷成本于6.11亿美元的低水平,令期内基本税前盈利优于预期,该行予渣打目标价46港元,评级“大市同步”。
报告指,信贷成本为最大惊喜,虽然按年上升247%至6.11亿美元,但按季下跌36%,而成本亦控制于24亿美元,按年下跌8%,按季则持平,至于一级资本充足率为14.3%,高于13-14%的中期目标水平。
报告又指,渣打目标于2020及21年成本控制于100亿美元以下,但减值损失则仍不确定,若其营运的市场无重大转差情况,下半年减值损失将可少于上半年。

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