一文综合券商於渣打(02888.HK)公布去年业绩最新目标价及观点
渣打集团(02888.HK)今早股价挫5.4%报51.2元。渣打昨中午公布去年全年业绩，基本除税前溢利按年倒退40%至25.08亿美元，基本纯利按年倒退54%至11.41亿美元，基本普通股股东有形权益回报3%，较2019年的6.4%下降。集团并宣派每股股息9美仙，介乎早前本网综合7间券商预测之7美仙至17美仙区间。
按基本表现，经营收入按年倒退3%至147.65亿美元，少於早前本网综合5间券商介乎147.75亿美元至150.64亿美元之预测。渣打去年法定表现除税前溢利按年倒退57%至16.13亿美元，介乎早前本网综合7间券商14.31亿美元至22.49亿美元的预测，低於预测中位数19.14亿美元。
【收入逊预期 挑战仍持续】
美银证券表示，上调对渣打今年收入预测至152亿元，基於受惠较佳孳息曲线所支持，重申对「买入」投资评级，上调对其目标价由59.29元升至62.3元。瑞信指，渣打去年经营收入倒退，料短期挑战依然存在
瑞银发表报告表示，渣打去年第四季经调整拨备前溢利大致符合预期，主要是信贷减值较少及资本水平理想，指渣打上季基本除税前溢利(亏损1.92亿美元)表现，较市场原预期高29%，拨备前溢利低市场预期16%，但若撇除一次性因素後则符合预期。该行表示，渣打管理层对今年营运指引符合预期，指至2023年有形股本回报率最少达7%，维持对渣打「中性」评级，维持对其伦敦上市目标价465便士。
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本网综合7间券商予其投资评级及目标价：
券商|投资评级|目标价
美银证券|买入|59.29->62.3港元
高盛|买入|62港元
摩根大通|增持|60港元
花旗|中性|5.3英镑(约57.55港元)
摩根士丹利│与大市同步|51元
瑞银|中性|465便士(约50.48港元)
瑞信|中性|460便士(约49.93港元)
券商|观点
美银证券|收入及资本稳固
高盛|上季业绩符预期，上季拨备前利润符合预期
摩根大通|上季业绩符预期 管理层指引显示中期前景正面
花旗|恢复回购计划兼资产质量有改善
摩根士丹利│ 资本保持强劲，长期投资回报率目标大於10%，今年前景符合预期
瑞银|去年第四季经调整拨备前溢利符合预期，信贷减值较少及资本水平理想
瑞信|去年经营收入倒退，料短期挑战依然存在
(ta/w)
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