《大行报告》美银证券升渣打(02888.HK)目标价至65元 重申「买入」评级
美银证券发表的研究报告指,渣打(02888.HK)宣布2.54亿美元回购计划後,将其2021-23年回购预测额外增20亿美元,意味2023年或之前每股盈测升8%,将目标价升至65元,重申「买入」评级。
该行认为在股本回报率未够高的情况下,渣打将继续受压,管理层已令成本受控,但由於见到增长机遇故未有寻求削减成本,该行预计2022年集团收入增长将重拾5%或以上,但如无削减股本,渣打不能达到其资金成本,相信到年中英伦银行或撤派息禁令而渣打将即时推回购。
该行认为渣打CET1水平13%虽为其目标的下端,但仍可健康营运,但其要求是基於英伦银行过严的压力测试,认为不代表渣打需要持有相关水平的资本应对不太可能出现的亏损,而CET1水平低於13%,短期或会为令评级机构作出考量,但据该行近期的预测,渣打的CET1水平料不会跌低於14%,故存在额外回购14%的潜力。(el/k) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.