《季绩前瞻》券商料渣打(02888.HK)首季法定税前溢利升逾2%至14% 聚焦收入前景指引
花旗本周一(26日)发表英国银行业报告，估计渣打集团(02888.HK)将於本周四(29日)公布首季业绩，市场估计受惠资本市场表现强劲，提振财富管理及金融市场业务收益，料渣打季内信贷减值表现或可优预期，本网综合3间券商料渣打2021年首季法定表现除税前溢利介乎9.06亿至10.18亿美元，较2020年首季8.86亿美元按年上升2.3%至14.9%。
综合3间券商料渣打2021年首季基本表现除税前溢利介乎9.94亿至10.71亿美元，较2020年首季12.22亿美元按年下跌12.4%至18.7%。综合3间券商料渣打今年首季基本表现经营收入介乎38.13亿至38.8亿美元，较去年首季43.27亿美元按年下跌10.3%至11.9%。而花旗指关注渣打收入增长前景指引、以及其盈利能力的表现。
【受惠股市畅旺 信贷减值降】
花旗估计渣打首团2021年法定表现除税前溢利为9.51亿美元按年升7.3%，估计经调整除税前溢利为11亿美元按年下跌12%，与市场同业预期大致相近，而证券同业估计渣打今年首季经营收入39亿美元，按季升18%(按年跌4%)，主要反映金融市场收入强劲因素，估计信贷损失准备表现会有令人惊喜表现。
花旗估计渣打今年首季经调整收入38亿美元按季升17%(按年跌5%)，增长动力主要来自金融市场业务(按季升48%；按年跌8%)及财富管理业务(按季升33%；按年升9%)，因本港资本市场交易量按季升59%(按年升85%)，但料净利息收入疲软(按季跌2%；按年跌6%)，净息差温和下跌(按季收窄4个基点)。
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本网综合3间券商料渣打2021年首季法定表现除税前溢利介乎9.06亿至10.18亿美元，较2020年首季8.86亿美元按年上升2.3%至14.9%。
券商│2021年首季法定表现除税前溢利预测│按年变幅
大摩│10.18亿美元│+14.9%
花旗│9.51亿美元│+7.3%
高盛│9.06亿美元│+2.3%
按渣打集团2020年首季法定表现除税前溢利8.86亿美元估算
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综合3间券商料渣打2021年首季基本表现除税前溢利介乎9.94亿至10.71亿美元，较2020年首季12.22亿美元按年下跌12.4%至18.7%。
券商│2021年首季基本表现除税前溢利预测│按年变幅
花旗│10.71亿美元│-12.4%
大摩│10.68亿美元│-12.6%
高盛│9.94亿美元│-18.7%
按渣打集团2020年首季基本表现除税前溢利12.22亿美元估算
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本网综合3间券商料渣打2021年首季基本表现经营收入介乎38.13亿至38.8亿美元，较2020年首季43.27亿美元按年下跌10.3%至11.9%。
券商│2021年首季基本表现经营收入预测│按年变幅
大摩│38.8亿美元│-10.3%
高盛│38.5亿美元│-11%
花旗│38.13亿美元│-11.9%
按渣打集团2020年首季基本表现经营收入43.27亿美元估算
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