一文綜合券商對渣打(02888.HK)公布季績後最新評級、目標價及觀點
渣打集團(02888.HK)今早股價跌逾3%，昨日(29日)中午收市後公布管理層中期報告，今年第三季基本除稅前溢利按年跌40%至7.45億美元，除稅前法定溢利按年跌61%至4.35億美元，遜於本網綜合5間券商預測下限4.77億美元。期內基本經營收入按年跌12%至35.19億美元，經營支出按年跌0.8%至24.8億美元。成本對收入比按年增加760個基點至70.5%。第三季普通股股東有形權益回報率按年跌450個基點至4.4%。信貸減值按年增加27%至3.53億美元。
渣打公布第三季法定純利按年跌80%至1.54億美元，淨息差按年跌38個基點至1.23%。季末普通股權一級資本比率為按年升0.9個百分點至14.4%。集團將於明年2月發布全年業績，並報告集團策略性重點工作最新進展。董事會屆時會經諮詢監管機構後考慮恢復股東回報。集團指，在長期低利率環境下，將繼續優化淨利息收入推動力，同時加強推動更多收費為主收入，尤其是金融市場及財富管理業務。並繼續盡可能減少經營支出。
【績後股價弱 非利息業遜】
高盛指出，渣打集團第三季基本稅前溢利高於該行及市場原預期，主要受惠信貸減值較預期少，但從早前不少歐美銀行公布業績，市場早已對此有所預期。渣打季內收入、成本及撥備前利潤則符合預期。該行維持對渣打「買入」評級及未來12個月目標價54元，基於渣打估值低廉，隨著資本回報重啟，相信可令渣打跑贏大市。
麥格理認為，渣打集團在新冠疫情下經歷完美風暴，包括利率下跌、派息限制及地緣政治緊張，該股目前市帳率接近歷史低位，認為現水平具吸引力，預計周計將轉向正面，因而上調該股目標價至45港元，並上調投資評級至「跑贏大市」。
而瑞銀表示，渣打所作展望，確認外界預期淨息差在六個月內見底的預期，並指季度淨利息收入勝預期，但非利息收入遜預期，收入、成本及稅前溢利整體符預期。該行給予渣打集團「中性」評級，目標價38.4元。
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本網最新綜合6間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
花旗│買入│56.1元
高盛│買入│54元
瑞信│中性│47.62元(475便士)
麥格理│中性->跑贏大市│43.4元->45元
摩根士丹利│與大市同步│41元
瑞銀│中性│38.4元
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券商│觀點
花旗│淨利息收入及資本表現勝預期
高盛│基本稅前溢利勝預期因撥備少
瑞信│季績好壞參半，第四季收入指引遜市場預期
麥格理│市場對渣打看法過於謹慎
摩根士丹利│低息下收入增長受限
瑞銀│撥備前溢利符預期，資料略較預期強勁
(fc/w)
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