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《大行報告》美銀證券下調恆生(00011.HK)目標價至133元 評級「跑輸大市」
阿思達克 08-04 09:51
美銀證券發表的研究報告指,恆生(00011.HK)上半年淨利按年跌34%至89億元,核心盈利按年跌20%,達到該行對其2020財年預測的45%,期內股本回報率按年收窄6.3個百分點至10.7%,是過去廿年以來第二低水平,普通股權一級資本比率(CET1)維持在16.3%的高位。次季每股派息進一步降至0.8元,總計上半年派息每股1.9元,按年亦跌32%,而派息比率則升1個百分點至41%。該行將公司2020-22年盈利預測下調11-23%,目標價由156.08元降至133元,評級維持「跑輸大市」。

該行指出上半年恆生淨息差較去年下半年收窄22個基點至1.96%,管理層指首季淨息差是2.13%,而次季則收窄至1.8%,該行料下半年淨息差將繼續收窄。而期內貸款增長維持穩健,按年增3.8%,但表現低於同業。而物業開發及投資貸款則較去年下半年升1%,按揭貸款則增2.2%,貿易融資及信用卡貸款則跌8-9%。

該行指出受基數較低影響,期內貸款損失急增46%,不良貸款比率則較去年下半年升10個基點至0.32%。(el/u) ~

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