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《大行報告》摩通上調匯控(00005.HK)目標價至43元 升渣打(02888.HK)至60元
阿思達克 01-26 10:02
摩通發表報告指,匯控(00005.HK)及渣打(02888.HK)過去三個月股價分別升27%及24%,升幅跑贏恆指的22%,主要受到盈利前景好轉、監管機構容許恢復派息,及地緣政治局勢舒緩等因素支持。該行預計,在淨息差回穩、貸款溫和增長,及信貸正常化等因素支持下,盈利增長前景將進一步回復。

該行上調匯控及渣打2020年至2022年經調整每股盈利預測,上調匯控去年經調整每股盈利預測13%,今年上調8%,明年上調5%。渣打去年經調整每股盈利預測上調12%,今年上調2%,明年上調1%。匯控目標價相應自33.5元上調至43元,評級「中性」。渣打目標價自49元上調至60元,評級「增持」。

報告並指,偏好本地銀行如中銀(02388.HK)及恆生(00011.HK)以及渣打多於匯控,由於後者英國業務比重不輕,當地潛在負利率的風險或對匯控淨息差帶來壓力;而其信貸覆蓋較少以致緩衝不足;以及貸款增長前景相對落後。該行並預計匯控2021年至2023年全年派息0.21美元,即股息收益率約3%,相對而言中銀香港及恆生約有5%股息收益會較吸引。

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