一文綜合券商於恆生(00011.HK)公布中期業績後最新觀點及目標價
恆生銀行(00011.HK)今早股價持續受壓,雖信貸成本低於預期,但淨息差及派息遜預期,令投資者憂慮營運前景,恆生盤中曾低見114元曾跌3.7%。恆生昨公布截至今年6月底止中期業績,營業額272.59億元,按年跌19.4%。其中淨利息收入為147.92億,按年跌6.69%,淨服務費收入為31.75億元,按年跌8.9%。純利91.43億元,按年跌33%,經調整盈利為88.64億元,跌33.59%為預期低位;每股盈利4.64元。
恆生指,考慮到2019冠狀病毒病帶來的不明確因素及挑戰,以及本地監管機構建議銀行應保留資金儲備以應對將來潛在的挑戰及支持香港之經濟活動,集團宣布派第二次中期息0.8元,上半年合共每股派息1.9元,去年同期為2.8元。
【信貸損失高 派息遜預期】
摩根士丹利發表報告指出,恆生上半年稅後利潤低於該行預期18%,由於淨息差、手續費收入及保險銷售收入等低於預期,預期信貸損失高於預期,加上物業價值重估錄得虧損。第二次中期股息亦減少至0.8元,股本回報率降至10.7%,該行預期股本回報率至2022年將維持10%至11%水平,目標價自110元降至105元,維持「減持」評級。
本網綜合7間券商列出對恆生銀行最新投資評級及目標價:
券商│評級│目標價(港元)
高盛│買入│160->144元
美銀證券│跑輸大市│156.08->133元
花旗│沽售│115元
摩根大通│減持│120->109元
瑞銀│沽售│109元
摩根士丹利│減持│110->105元
海通國際│跑輸大市│104元
-------------------
券商│業績後最新觀點
高盛│香港經濟增長料放緩,信貸成本低於預期
美銀證券│上半年業績令人失望,次季淨息差及信貸均受壓
花旗│淨息差受壓,派息失望
摩根大通│撥備前利潤疲軟和信貸成本上升導致業績疲弱
瑞銀│第二季度淨息差未完全反映資金壓力
摩根士丹利│未來兩年淨資產收益率疲軟,預期信貸損失高於預期
海通國際│派息政策存不確定性
(ta/w)
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