《大行報告》高盛:匯控(00005.HK)受信貸損失高企拖累 令次季稅前盈利遜預期
高盛發表的研究報告指,匯控(00005.HK)次季稅前溢利26億美元,較該行及市場預期分別低19%及12%,主要因為期內信貸損失高過預期,而期內撥備前利潤(PPoP)則較該行及市場預期分別高20%及17%,認為匯控的資本水平好過預期,總體而言料市場對業績將有負面看法,維持「買入」評級,目標價55元。
期內匯控收入分別較該行及市場預期高5%及3%,主要受惠保險組合資產價格變動等,撇除相關因素收入表現符預期,而淨息差按季收窄21個基點至1.33%,次季淨利息收入68.97億美元,而管理層料今年淨利息收入按年將有30億美元的負面影響,而2021年亦進一步有負面影響。
期內匯控採取嚴格成本管控,令成本較該行及市場預期分別低4%及6%,季內成本按年跌7%,而管理層亦傾向加快推展措施及其他成本管控舉措,助應對收入方面的壓力,另外料今年成本將下跌3%或以上。(el/k) ~
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