一文了解券商於中银香港(02388.HK)公布季绩後最新评级、目标价及观点
中银香港(02388.HK)今早股价偏淡，新报27.5元下跌0.5%。摩根大通指中银首季营运表现略优预期，手续费收入体面及信贷成本较低。中银香港昨(29日)收市後公布首季业务状况。季度提取减值准备前经营溢利按年倒退13.9%至96.56亿元，提取减值准备前净经营收入按年倒退9.8%至134.22亿元，经营支出按年增加2.6%至37.66亿元。
中银首季净利息收入按年减少22%，计入外汇掉期合约的资金收入或成本後的净息差为1.11%，按季收窄5点子。受惠年初投资市场气氛良好，净手续费及佣金收入按年增长30.3%。首季减值准备净拨备为3.23亿元，按年减少2.6亿元。客户贷款年度化信贷成本为0.08%，较去年同期跌8个点子。
【手续收入强 净息差受压】
汇丰环球研究指，中银香港首季业绩好坏差半，首季拨备前盈利大致符合预期，手续费收入强劲抵销了净息差压力的影响．。该行预期中银净息差将於今年第二季持续受压，基於银行同业拆息下跌及资产增长缓慢，但相信新增不良贷款最坏情况已过去，首季费用收入强劲增长反映中银香港经营强劲。该行对中银香港2021年维持保守预期，但见明年有明显复苏潜力，受惠於中港跨境机会及净息差见底。该行维持中银香港「买入」评级及目标价31.8元。
摩根士丹利表示，中银香港首季业绩趋势与其他香港同业相似，财富销售非常强劲及信贷质素良好，仅因净息差疲弱部分地抵销。该行上调对中银香港每股盈利预测5%，反映非利息收入趋势改善，又重申对中银香港「与大市同步」评级，但视中银香港为香港银行股首选，目标价由23元上调至25元。
--------------------------------------------------
本网最新综合5间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
瑞银│买入│34元
花旗│买入│31.9元
汇丰环球研究│买入│31.8元
摩根大通│增持│31.7元
摩根士丹利│与大市同步│23元->25元
券商│观点
瑞银│首季费用收入强劲及拨备减少抵销净息差疲弱
花旗│拨备前经营溢利符预期
汇丰环球研究│拨备前经营溢利符预期，资产质素胜预期
摩根大通│首季经营表现稍胜预期，受费用收入及信贷成本下降推动
摩根士丹利│费用收入强劲，但净息差疲弱
(fc/w)
~
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.
