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《大行报告》摩通上调恒生(00011.HK)目标价至163元 评级「增持」
阿思达克 02-24 09:55
摩根大通发表研究报告,指出恒生(00011.HK)2020财年业绩较该行及市场预期差,主要是受到更大的利润率压力及保险业务拖累,但优於预期的派息政策带来了正面的惊喜。将恒生2021及2022财年的盈利预测分别下调6%及5%,维持「增持」投资评级,目标价由原来的151元上调至163元,看到该行去年下半年的经营业绩明显见底,恢复派息增长的可能性更高。

该行指,恒生2020财年盈利160亿元,按年下跌35%,较该行预期低6%,意味年化股本回报率为9.6%,受拨备前利润减少25%及信贷成本增加9个基点所影响。另外,公司宣布派发末期股息每股2.8元,即派息比率65.8%,较2019财年的64.2%为高。

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