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《大行报告》花旗:恒生(00011.HK)上半年盈利逊预期 净息差受压
阿思达克 08-03 16:01
花旗发表报告表示,恒生银行(00011.HK)今年上半年经调整盈利约89亿元,按年下跌34%,差过市场预期,当中主因期内收益低於预期,而经营开支则好过预期,至於第二季股息为0.8元亦逊预期。

报告称,恒生净息差受压,按半年收缩23点子,至1.96%,低於花旗及市场预期,主因市场利率倒退及利差收窄等。按季计,首季恒生净息差录2.13%,次季收窄至1.8%。由於HIBOR持续向下,料恒生净息差将自次季低水平进一步下滑,由於银行偏好高质素贷款,料资产再定价空间有限,花旗认为市场对恒生今年净息差1.92%的预测将有下行压力。

报告补充,预期市场会平均下调恒生每股盈利预测达高单位数,以反映中期业绩;同时公司表明未来的股息前景在很大程度上取决於宏观环境,监管机构希望银行节省资金。该行维持其「沽售」评级,目标价为115元。

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