《大行报告》摩通:汇控(00005.HK)降有形股本回报率目标 预示增长有限
摩根大通发表报告表示,汇丰控股(00005.HK)去年第四季业绩,经调整除税前盈利22亿美元,高於市场同业原预期23%,主要受净利息收入及拨备支出较少所带动,而其他收入则较弱,指恢复派息每股15美仙,略高於市场原预期13美仙。
该行指,汇控未来3至4月有形股本回报目标为+10%(该行料2023年为8%),对比之前将2022年有形股本回报目标定为10%至12%较低,显示未来上升潜力相对有限。
摩通指注意到今年将是汇控转型的一年,将进行重大重组,目前提供股息回报率4厘、预测市盈率9.1倍及有形股本回报率8%,料其上升空间有限,维持「减持」评级及伦敦上市目标价400便士(约43.64港元),并建议留意估值较低的同业渣打(02888.HK)。
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