一文了解券商於匯控(00005.HK)公布業績後最新目標價及觀點
匯豐控股(00005.HK)今早股價持續創新低，盤中低見32.1元一度挫近3.9%，市場指其業績遜預期主要受到撥備高企拖累，同時擔心中美關係持續緊張，會損及集團營運前景。集團昨日(3日)中午收市後公布半年業績，列賬基準除稅前利潤按年倒退65.2%至43.18億美元，低於本網早前綜合3間券商預測。經調整除稅前利潤按年倒退54.1%至56.35億美元，接近本網早前綜合3間券商預測下限。
集團上半年純利按年倒退76.8%至19.77億美元，每股盈利0.1美元。年率化後平均普通股股東權益回報自去年同期的10.4%下降至2.4%，後經調整平均有形股本回報自去年同期的11.2%下降至3.8%。匯控上半年預期信貸損失及其他信貸減值準備自去年同期的11.4億美元增至68.58億美元。集團上半年普通股權一級比率自去年同期的14.3%提升至15%。集團預期今年信貸損失準備可能介乎80億美元至130億美元。
匯控財務總監邵偉信表示將盡快恢復派息，管理層於媒體電話會議中進一步表示，若情況許可，傾向派息多於回購，不過仍需要視乎資本情況及經營環境才作出決定。
【摩通指匯控資產質素遜預期】
摩根大通指出，匯控第二季經調整稅前盈利遜市場預期。期內減值較市場預期高44%。資產質素遜預期，目前料今年度信貸損失準備介乎80億至130億美元，高於之前預測的70億至110億美元，收入較預期高，主要受惠非利息收入和交易收入增長。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，維持匯控港股「中性」評級，目標價35元。
花旗表示，匯控次季稅前溢利低於市場預期12%，而季內撥備前基本盈利為59億美元，高於市場預期17%；全年料信貸撥備達80億美元至130億美元，較早前指引的70億美元至110億美元提升，以及淨息差表現料續受壓至2021年。
本網最新綜合10間券商對其投資評級及目標價，2間券商下調目標價，1間給予「買入」評級：
券商│投資評級│目標價(港元)
高盛│買入│55元
摩根士丹利│減持│42元
瑞銀│中性│41.56元(410便士)
花旗│中性│40.55元(400便士)
傑富瑞│持有│40.55元(400便士)
瑞信│跑輸大市│37.5元(370便士)
美銀證券│中性│42.37元->37.51元
麥格理│跑輸大市│36元
摩根大通│中性│35元
海通國際│跑輸大市│33.7元->30元
券商│觀點
高盛│信貸開支超預期導致業績遜預期
摩根士丹利│撥備前經營溢利勝預期，但遭信貸損失抵銷
瑞銀│經調整稅前溢利遜該行預期
花旗│宏觀不確定性及低息導致次季實質盈利遜預期
傑富瑞│信貸撥備超出市場預期
瑞信│更新預期信貸損失指引 意味前景困難
美銀證券│第二季業績強勁，但展望疲弱
麥格理│第二季為艱難季度，核心業績疲弱
摩根大通│淨息差及資產質素受壓
海通國際│淨息差壓力沉重，預期信貸損失不明朗
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
