《大行報告》摩通:匯控(00005.HK)淨利息收入及資產質受壓 維持「減持」評級
摩通發表研究報告指,匯控(00005.HK)第二季經調整稅前盈利26億美元,遜市場預期。期內減值38美億元,亦較市場預期高44%。資產質素遜預期,目前料今年度信貸損失準備介乎80億-130億美元,高於之前預測的70億-110億美元。
收入較預期高3%,主要來自非利息收入和交易收入增長,成本佔比改善至6%,低過券商預期。資產質素改善,核心一級資本比例為15%,高於市場預期的14.4%。
該行下調公司預期,以反映收入受壓,但部份會被成本改善抵銷。公司將於年底公布中期目標和派息政策,維持「減持」評級,目標價400便士,即約40.53港元。
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