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摩銀大通嘉誠:匯控(0005.HK)淨利息收入壓力持續 渣打(2888.HK)估值更為吸引
格隆匯 10-28 17:09

摩銀大通嘉誠發表研究報告指出,匯豐控股(0005.HK)第三季經調整税前盈利約43億美元,分別較該行和市預測高出54%及58%,主要由於減值支出較低,惟淨利息收入壓力持續,維持匯控倫敦股份“減持”評級,目標價為400便士,認為渣打集團(2888.HK)估值更為吸引。

報告指出,由於減值支出壓力紓緩,因此匯控倫敦股價短期內可獲支持,惟中期盈利能力仍要面對來自利息收入更大的挑戰,尤其利息入佔集團總收入約54%。管理層預計步入2021年壓力才可以減輕。

匯控的的普通股權一級比率(CT1)為15.4%,較市場預期為佳,集團考慮2020年度保守派息,但仍要視乎明年初的經濟情況和監管當局之意向。

雖然摩銀大通嘉誠的分析師高度評價匯控管理層,並認為集團現時策略正確,但相信美息/港元同業拆息走低、宏觀經濟/地緣政治不明朗以及短期資產質素壓力,將對集團盈利產生影響

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