一文综合券商於中银香港(02388.HK)公布业绩後最新目标价及观点
中银香港(02388.HK)今早(31日)股价造淡，盘中曾低见27.1元一度下滑4.7%。花旗指中银去年下半年纯利逊市场预期10%，主要因交易收入逊预期及物业资产重估因素。而高盛指中银去年第四季营运溢利录60亿元，较该行及市场原预期各低10%及9%，主要昃交易收入波动令收入疲弱。
中银香港昨(30日)收市後公布去年业绩，纯利按年倒退17.7%至264.87亿元，介乎早前本网综合6间券商预测之区间257.71亿元至282.33亿元，并低於预测中位数274.83亿元。每股盈利2.5052元，派每股末期息0.795元，计及中期股息，全年派息1.242元，派息比率为49.6%。
中银去年净利息收入按年倒退14.3%至347.38亿元；净经营收入按年减少8.3%至517.67亿元。去年减值准备净拨备27.07亿元，高於2019年的20.22亿元。中银香港财务总监隋洋表示，去年HIBOR及LIBOR大幅下降，对净息差的负面影响相当大，至去年第三季及第四季收窄幅度方放缓。她指现时利率水平仍维持去年第四季度水平，料美元利率低及本港流动性充裕下，低息环境仍将维持。
【下半年纯利逊 交易收入欠佳】
汇丰环球研究发表报告指，中银香港去年每股利按年跌17.7%，低於该行及市场原预期各2%及5%，去年营运溢利轻微高於该行原预期0.8%，但来自来物业资产重估非营运亏损大於预期。该行指中银去年业绩体中性，从长期而言，该行仍看好中银的分行网络、资本水平及净息差潜在扩阔，重申对其「买入」投资评级，上调对其目标价由31.1元升至31.8元。
花旗发表报告表示，中银香港去年下半年纯利录113亿元按年跌25%，逊於市场预期，主要是期内收入按年跌12%(按半年跌10%)，因交易收入较市场低约4%，指其派息比率49.6%(对比2019年为50.5%)，股息回报约4.4%及股本回报率9.05%。该行指中银去年业绩正面因素包括净息差及净利息收入回稳、拨备支出较预期少，但负面因素为交易收入逊预期及物业资产重估因素。该行料预期随着新冠疫情受到控制，商业地产估值稳定下，维持中银「买入」投资评级，目标价32.5元。
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本网最新综合4间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
高盛│买入│35.5元
瑞银│买入│34元
花旗│买入│32.5元
汇丰环球研究│买入│31.1->31.8元
券商│观点
高盛│去年第四季收入疲弱，但经营成本及收入管理得宜
瑞银│去年下半年盈利逊预期，受物业重估及非利息收入所影响
花旗│去年下半年利息收益率稳定，资产质素恢复力强
汇丰环球研究│来物业资产重估非营运亏损大於预期，营运溢利轻微高於预期
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