一文了解大行於渣打(02888.HK)公布季績後最新評級、目標價及觀點
渣打(02888.HK)今早股價造好，最新報56元升1.7%。瑞銀指渣打首季基本除稅前盈利錄14.46億美元，較市場同業原預高出34%，指普通股權一級資本比率14%較原預期低20個基點，會引起投資者關注，因其未來收入要達5-7%增長目標，料渣打需要提升信用風險承擔的風險加權數額(RWA)及升資產效益，認為淨資本水平將是其中期前景重要因素之一。
【季績優預期 股價有支持】
渣打昨日(29日)中午收市後公布首季業績，基本表現除稅前溢利按年升18%至14.46億美元，高於本網綜合3間券商預測上限10.71億美元；基本表現經營收入按年跌9%至39.29億美元。期內信貸減值2,000萬美元，遠低於去年同期的9.56億美元。
集團首季法定表現除稅前溢利按年升59%至14.13億美元，高於本網綜合3間券商預測上限10.18億美元。法定表現純利按年升1.14倍至10.92億美元，每股盈利32.6美仙。普通股股東有形權益回報10.6%，按年升5.5個百分點。首季淨利息收入按年跌10%，經調整淨息差1.22%，按年收窄30點子。普通股權一級資本比率14%，按年升0.6個百分點。渣打稱按固定匯率基準計算，預期全年度收入將與去年相若，明年全年度收入可望重返增長率5%至7%的中期指引水平。集團亦預計全年度減值支出將按年大減。
【焦聚收入前景 存不確定性】
摩根大通指，渣打首季度收入高於市場預期約2%，淨利息收入按季升3%，受信貸增長及淨息差穩定所推動。非淨利息收入由財富管理破紀錄表現及強勁的金融市場所推動，該行引述管理層指，在強勁信貸增長推動下，管理層預計收入增長在下半年恢復。該行維持給予渣打「增持」評級及目標價60元。
花旗則指，渣打管理層稱季度收入超出市場及渣打自身預期，但不足以改變收入預測。渣打稱未來收入有多項不確定性，包括美債利潤、淨息差、與及資本市場相關收益未來季度有不確定。該行認為，渣打管理層的說法或限制市場對渣打收入預測的上調，預期市場將溫和上調撥備前經營溢利預測，盈利預期上調則主要由撥備減少推動。該行給予渣打「中性」評級，渣打倫敦股價目標為540便士，折合約58.49港元。
----------------------------
本網最新綜合5間券商對其投資評級及目標價：
券商│投資評級│目標價((港元)
美銀證券│買入│66.8元
摩根大通│增持│60元
花旗│中性│58.49元(540便士)
瑞銀│中性│55.02元(508便士)
瑞信│跑輸大市│48.41元(447便士)
券商│觀點
美銀證券│首季稅前溢利較該行預期高44%，受惠收入及撥備較低
摩根大通│收入復甦受強勁財富管理及信貸增長加快推動
花旗│季績因輕微信貸損失勝預期，撥備前經營溢利勝預期
瑞銀│實質撥備前溢利符預期，撥備推動業績顯著勝預期
瑞信│收入及撥備勝預期
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.
