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一文综合券商於恒生(00011.HK)公布去年业绩後最新目标价及观点
阿思达克 02-24 10:49
恒生银行(00011.HK)今早股价偏淡,最新报151元下滑近1%。恒生银行昨中午公布截至去年12月底止全年业绩,股东应得溢利166.87亿元按年跌32.8%,总营业收入543.22亿元按年跌14.2%。扣除预期信贷损失变动及其他信贷减值提拨前之营业收入净额减少17%,为360.68亿元。其中,净利息收入269.06亿元按年跌16.58%,差过本网综合5间券商的273.48亿元至286亿元预测,净息差下跌40个基点至1.59%;净服务费收入63.67亿元,按年跌1.33%。

恒生宣布派第四次中期股息2.8元,2020年每股派息合共为5.5元,较2019年派每股8.2元减少。股东应得溢利166.87亿元,按年跌32.8%;每股盈利8.36元。营业溢利201.25亿元,按年减少30%。

【业绩逊预期 派息符预期】

高盛指,恒生去年下半年每股盈利低於该行原预期7%,主要是净息差及收入受压,兼且成本较高,指集团信贷质素及每股派息符合该行预期,维持「买入」评级及目标价170元,相信其损益表可迎来转捩点,料恒生於2021年至2023年每股盈利各增长3%、13%及6%。

摩根大通发表报告表示,恒生银行(00011.HK)去年业绩低於预期,业绩较差与市场预期一致,认为该行因利润受压及疲弱的保险业务所拖累,但派息则优於预期带来积极的惊喜。

摩通将恒生2021/2022财年的盈利预测各下调6%及5%,但因认为恒生去年下半年的经营业绩触底并有恢复派息增长的可能性,因此对其维持「增持」投资评级,并将其目标价由151元调高至163元,此相当预测年市账率1.8倍。

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本网综合5间券商对恒生银行的最新投资评级及目标价:

券商|投资评级|目标价(港元)

高盛|买入|170元

摩通|增持|151->163元

杰富瑞|持有|120.8->167.8元

花旗|沽售|120元

瑞银|沽售|110元

券商|观点

高盛|下半年每股盈利低预期,但料今年盈利可录增长

摩通|去年业绩低於预期 但派息政策令人惊喜

杰富瑞|结果好坏参半,零售业正复苏但仍面临挑战

花旗|去年下半年盈利低预期,但派息优於同业预期

瑞银|去年利润表现逊预期但派息胜预期,关注去年下半年不良贷款趋势恶化

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