《大行报告》高盛:汇控(00005.HK)受信贷损失高企拖累 令次季税前盈利逊预期
高盛发表的研究报告指,汇控(00005.HK)次季税前溢利26亿美元,较该行及市场预期分别低19%及12%,主要因为期内信贷损失高过预期,而期内拨备前利润(PPoP)则较该行及市场预期分别高20%及17%,认为汇控的资本水平好过预期,总体而言料市场对业绩将有负面看法,维持「买入」评级,目标价55元。
期内汇控收入分别较该行及市场预期高5%及3%,主要受惠保险组合资产价格变动等,撇除相关因素收入表现符预期,而净息差按季收窄21个基点至1.33%,次季净利息收入68.97亿美元,而管理层料今年净利息收入按年将有30亿美元的负面影响,而2021年亦进一步有负面影响。
期内汇控采取严格成本管控,令成本较该行及市场预期分别低4%及6%,季内成本按年跌7%,而管理层亦倾向加快推展措施及其他成本管控举措,助应对收入方面的压力,另外料今年成本将下跌3%或以上。(el/k) ~
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