《大行報告》瑞銀:恆生(00011.HK)營運勢頭及派息均遜預期
瑞銀發表的研究報告指,恆生(00011.HK)上半年每股盈利4.64元,按年跌34%,分別較該行及市場預期低21%及17%,主要因為收入及撥備前利潤(PPoP)勢頭遜預期,而次季恆生每股派息0.8元,低於首季的1.1元,予「沽售」評級,目標價109元。
該行指出恆生淨息差較去年下半年收窄23個基點至1.96%,較預期差7至8個基點,一如預期管理層透露大部分的跌勢在5月至6月出現,而次季淨息差亦收窄至1.8%。
管理層在業績電話會議上取態審慎,指考慮到近期銀行同業拆息的勢頭,次季淨息差或未完全反映利潤壓力,銀行未能給出清晰的派息指引,相信亦有機會受經濟情況而有所調整。(el/k) ~
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