《大行报告》高盛下调汇控(00005.HK)目标价至50元 但认为风险回报吸引
高盛发表研究报告,指汇控(00005.HK)第二季表现逊预期,主要受到信贷开支影响,管理层对利润展望审慎。不过公司季度拨备前盈利胜预期,资本状况亦明显较预期好,预期未来数年核心一级资本比率较其他券商预期高50-60点子,相当於40亿至50亿美元资本,对来年恢复派息至关重要。
该行指,因应第二季逊预期的表现、管理层展望,以及香港利息环境,降2020-22年每股盈利预期分别23%、8%及8%,预期明年可派息0.4美元(相对之前的0.51美元),目标价由55元降至50元,目前市账率降至历史新低,而且提供9%股息回报(2021年),风险回报率吸引,重申「买入」评级。
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