摩通:渣打(2888.HK)風險回報稍勝 匯控(0005.HK)股價上行空間有限
摩根大通發表研究報告指,過去三個月,匯控(0005.HK)及渣打集團(2888.HK)股價分別調整19%及15%,雙雙跑輸大市,雖然最近香港及英國的勞工市場前景改善,但認為匯控股價上行空間有限,主要受累於地緣政治風險和派息不確定性。
摩通認為,渣打前景較佳,預期在非利息收入帶動下,集團撥備前盈利可望復甦,而其來自不同地區的多元化收入,亦令渣打較少受到中美貿易摩擦影響,再者渣打風險回報亦較平衡,因此推介渣打多於匯控,予匯控目標價33.5港元,投資評級為“中性”,渣打目標價則為49港元,評級為“增持”。
摩通指出,雖然市場利率於今年第三季回穩,但淨利息收入壓力持續,預期兩行不會於今年恢復派息,而最近疫情於歐洲及英國等地重新爆發,也對宏觀復甦帶來影響,並增加銀行派息方面的政策風險。摩通認為現時“撈底”匯控為時尚早,並預期匯控不會大幅收縮其美國業務規模。
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