一文綜合券商於渣打(02888.HK)公布去年業績最新目標價及觀點
渣打集團(02888.HK)今早股價挫5.4%報51.2元。渣打昨中午公布去年全年業績，基本除稅前溢利按年倒退40%至25.08億美元，基本純利按年倒退54%至11.41億美元，基本普通股股東有形權益回報3%，較2019年的6.4%下降。集團並宣派每股股息9美仙，介乎早前本網綜合7間券商預測之7美仙至17美仙區間。
按基本表現，經營收入按年倒退3%至147.65億美元，少於早前本網綜合5間券商介乎147.75億美元至150.64億美元之預測。渣打去年法定表現除稅前溢利按年倒退57%至16.13億美元，介乎早前本網綜合7間券商14.31億美元至22.49億美元的預測，低於預測中位數19.14億美元。
【收入遜預期 挑戰仍持續】
美銀證券表示，上調對渣打今年收入預測至152億元，基於受惠較佳孳息曲線所支持，重申對「買入」投資評級，上調對其目標價由59.29元升至62.3元。瑞信指，渣打去年經營收入倒退，料短期挑戰依然存在
瑞銀發表報告表示，渣打去年第四季經調整撥備前溢利大致符合預期，主要是信貸減值較少及資本水平理想，指渣打上季基本除稅前溢利(虧損1.92億美元)表現，較市場原預期高29%，撥備前溢利低市場預期16%，但若撇除一次性因素後則符合預期。該行表示，渣打管理層對今年營運指引符合預期，指至2023年有形股本回報率最少達7%，維持對渣打「中性」評級，維持對其倫敦上市目標價465便士。
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本網綜合7間券商予其投資評級及目標價：
券商|投資評級|目標價
美銀證券|買入|59.29->62.3港元
高盛|買入|62港元
摩根大通|增持|60港元
花旗|中性|5.3英鎊(約57.55港元)
摩根士丹利│與大市同步|51元
瑞銀|中性|465便士(約50.48港元)
瑞信|中性|460便士(約49.93港元)
券商|觀點
美銀證券|收入及資本穩固
高盛|上季業績符預期，上季撥備前利潤符合預期
摩根大通|上季業績符預期 管理層指引顯示中期前景正面
花旗|恢復回購計劃兼資產質量有改善
摩根士丹利│ 資本保持強勁，長期投資回報率目標大於10%，今年前景符合預期
瑞銀|去年第四季經調整撥備前溢利符合預期，信貸減值較少及資本水平理想
瑞信|去年經營收入倒退，料短期挑戰依然存在
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