You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》美银证券降汇控(00005.HK)评级至「跑输大市」 料重组道路慢长
阿思达克 12-07 10:48
美银证券发表报表示,下调汇控(00005.HK)投资评级,由「中性」降至「跑输大市」,维持汇控在本港上市的目标价41.93港元。该行指,汇控股价自年底最低位至今已累积回升50%,指估值已较高。

该行指,汇控可藉旗下1万亿美元的经常账户,享受利息上升的收益。但是除非美联储局改变目前指引,料直到2023年美联储将不会上调息率。汇控目前预测2022年市盈率为12倍,对比同业银行8倍。

美银证券认为,汇控处於复杂重组的初期及道路慢长,料集团首要是减少在欧美的投资。但是该行料集团至2023年才能实现成本下降,而减少风险加权资产(RWA)将可以实现股票回购。

据汇控管理层的评论,该行料集团将法国零售和美国零售业务视为可能的出售对象,但基於相关业务无利可图,料即使出售能实现的所得资本亦有限。

美银证券预计英伦银行可能最早在12月11日取消对银行派股息的禁令,但该行认为这已经为市场所消化。该行料汇控未来将可恢复派息,但在此阶段,认为汇控未来股息的规模更为重要,但该行料其2022年股息回报比市场共识低40%,并指若汇控2021年的股息回报低於3厘,汇控估值属较高水平。

该行料汇控於2020年至2022年每股股息各0.12美元、0.16美元及0.2美元,料股息回报各2.09厘、2.78厘及3.48厘。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account