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《大行报告》大摩上调汇控(00005.HK)目标价至46元 评级「与大市同步」
阿思达克 02-24 09:42
摩根士丹利发表研究报告,上调汇丰控股(0005.HK)盈测,指其收入改善被开支增加所部分抵销,认为收入势头属中期估值重评的关键,维持予汇控「与大市同步」评级,目标价由43元升至46元。

报告称,汇控盈利胜预期,并恢复派息,第四季经调整税前盈利胜市场预期23%,主因收入增加和拨备减少,拨备前经营盈利亦胜市场预期3%,抵销成本上升。考虑业绩、外汇变动及税务开支减少,大摩升汇控今年每股盈测6%,明年则升8%。考

大摩称,在新的派息政策下,以半年为基础,维持今年股息预测22美仙。报告称,随着经济重启、风险加权资产基本监管趋势趋明确等,明後两年料有更强劲总分派的讨论。大摩料2022及2023年汇控分派比率分别达47%及50%,明年将恢复20亿美元回购。

报告指出,汇控策略检讨针对收入增长、成本和资本流向亚洲,同时继续过去的策略,如风险资产和业务的重新分配、减少经营和业务复杂性,以降低成本等,公司目标中期有形资产回报可至10%,核心一级资本比率为14%至14.5%。

大摩相信,汇控第四季的数字加上策略公布可支持股价,相信成本控制计划现实并有望达成,并对汇控中期在重组後利用自有资金投资的展望感鼓舞,不过现时市场已预期汇控有形资产回报将逐渐改善至明年,相信未来股价需靠净收入增长支持。

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