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《大行报告》美银证券:美汇转弱 料汇控(00005.HK)账面价值会转强
阿思达克 01-08 14:43
美银证券发表研究报告指,美元转弱带动以美元为单位的汇控(00005.HK)收入增长,同时公司有一半存款为美元以外货币及与美元挂钩的港元,故推算美元每下跌5%,将带动60亿美元的股权价值提升。该行因应美元下跌更新盈利预测。目前公司正增加非美元区的成本,尤其英国,减少美元变动对税前盈利影响。

该行指,美国国债息率刺激汇控股价,虽然公司目前主要以低年期、低风险债券为主,故无直接参与10年期债券,但长债息率亦潜在反映息率上升走势。不过,短期而言,被HIBOR低企所抵销,因公司存款盈余大多以港元为主。

该行预期全年业绩公布之时,将公布额外成本和风险资产减少计划,相信减少低回报资源会受到欢迎,而因应重组计划持续至2023年,或限制除股息外其他资本回报,维持「跑输大市」评级,目标价42.52元。

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