一文綜合券商於恆生(00011.HK)公布去年業績後最新目標價及觀點
恆生銀行(00011.HK)今早股價偏淡,最新報151元下滑近1%。恆生銀行昨中午公布截至去年12月底止全年業績,股東應得溢利166.87億元按年跌32.8%,總營業收入543.22億元按年跌14.2%。扣除預期信貸損失變動及其他信貸減值提撥前之營業收入淨額減少17%,為360.68億元。其中,淨利息收入269.06億元按年跌16.58%,差過本網綜合5間券商的273.48億元至286億元預測,淨息差下跌40個基點至1.59%;淨服務費收入63.67億元,按年跌1.33%。
恆生宣布派第四次中期股息2.8元,2020年每股派息合共為5.5元,較2019年派每股8.2元減少。股東應得溢利166.87億元,按年跌32.8%;每股盈利8.36元。營業溢利201.25億元,按年減少30%。
【業績遜預期 派息符預期】
高盛指,恆生去年下半年每股盈利低於該行原預期7%,主要是淨息差及收入受壓,兼且成本較高,指集團信貸質素及每股派息符合該行預期,維持「買入」評級及目標價170元,相信其損益表可迎來轉捩點,料恆生於2021年至2023年每股盈利各增長3%、13%及6%。
摩根大通發表報告表示,恆生銀行(00011.HK)去年業績低於預期,業績較差與市場預期一致,認為該行因利潤受壓及疲弱的保險業務所拖累,但派息則優於預期帶來積極的驚喜。
摩通將恆生2021/2022財年的盈利預測各下調6%及5%,但因認為恆生去年下半年的經營業績觸底並有恢復派息增長的可能性,因此對其維持「增持」投資評級,並將其目標價由151元調高至163元,此相當預測年市賬率1.8倍。
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本網綜合5間券商對恆生銀行的最新投資評級及目標價:
券商|投資評級|目標價(港元)
高盛|買入|170元
摩通|增持|151->163元
傑富瑞|持有|120.8->167.8元
花旗|沽售|120元
瑞銀|沽售|110元
券商|觀點
高盛|下半年每股盈利低預期,但料今年盈利可錄增長
摩通|去年業績低於預期 但派息政策令人驚喜
傑富瑞|結果好壞參半,零售業正復甦但仍面臨挑戰
花旗|去年下半年盈利低預期,但派息優於同業預期
瑞銀|去年利潤表現遜預期但派息勝預期,關注去年下半年不良貸款趨勢惡化
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