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《大行報告》摩通上調恆生(00011.HK)目標價至163元 評級「增持」
阿思達克 02-24 09:55
摩根大通發表研究報告,指出恆生(00011.HK)2020財年業績較該行及市場預期差,主要是受到更大的利潤率壓力及保險業務拖累,但優於預期的派息政策帶來了正面的驚喜。將恆生2021及2022財年的盈利預測分別下調6%及5%,維持「增持」投資評級,目標價由原來的151元上調至163元,看到該行去年下半年的經營業績明顯見底,恢復派息增長的可能性更高。

該行指,恆生2020財年盈利160億元,按年下跌35%,較該行預期低6%,意味年化股本回報率為9.6%,受撥備前利潤減少25%及信貸成本增加9個基點所影響。另外,公司宣布派發末期股息每股2.8元,即派息比率65.8%,較2019財年的64.2%為高。

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