《大行報告》金上調匯控(00005.HK)目標價至51元 重申「買入」評級
高盛發表研究報告指,匯豐控股(00005.HK)的股價已由9月25日低位至今已累漲約40%,跑贏恆指約25個百分點,反映出市場對疫苗的樂觀情緒不斷提高,並受到第三季度表現以及債券收益率上升所支持。
該行指,匯控今後的業績表現將越來越取決於宏觀經濟改善,或降成本效率所推動的盈利增長,又認為股息及資本回報率回升,也可能是推動業績增長的另一個催化劑,預計匯控2020至2022年每股派息為0.1美元、0.3美元及0.4美元,股息率各約為2%、6%及8%。
高盛認為在後疫情時代下,市場將重新關注成本水平,指出匯控管理層已經上調成本節省目標,預計該集團的零售銀行業務將大刀闊斧地精簡架構,歐洲地區的零售銀行業務對集團的成本對收入比率的影響約為6個百分點,令2021至2022年每股基礎盈利預測提高1%及4%,但伴隨著更高的重組費用,2021年每股盈利預測亦下調約20%。基於每股盈測的調整,該行將將目標價,由50元升至51元,重申「買入」評級。
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