一文了解券商於中銀香港(02388.HK)公布季績後最新評級、目標價及觀點
中銀香港(02388.HK)今早股價偏淡，新報27.5元下跌0.5%。摩根大通指中銀首季營運表現略優預期，手續費收入體面及信貸成本較低。中銀香港昨(29日)收市後公布首季業務狀況。季度提取減值準備前經營溢利按年倒退13.9%至96.56億元，提取減值準備前淨經營收入按年倒退9.8%至134.22億元，經營支出按年增加2.6%至37.66億元。
中銀首季淨利息收入按年減少22%，計入外匯掉期合約的資金收入或成本後的淨息差為1.11%，按季收窄5點子。受惠年初投資市場氣氛良好，淨手續費及佣金收入按年增長30.3%。首季減值準備淨撥備為3.23億元，按年減少2.6億元。客戶貸款年度化信貸成本為0.08%，較去年同期跌8個點子。
【手續收入強 淨息差受壓】
匯豐環球研究指，中銀香港首季業績好壞差半，首季撥備前盈利大致符合預期，手續費收入強勁抵銷了淨息差壓力的影響‧。該行預期中銀淨息差將於今年第二季持續受壓，基於銀行同業拆息下跌及資產增長緩慢，但相信新增不良貸款最壞情況已過去，首季費用收入強勁增長反映中銀香港經營強勁。該行對中銀香港2021年維持保守預期，但見明年有明顯復甦潛力，受惠於中港跨境機會及淨息差見底。該行維持中銀香港「買入」評級及目標價31.8元。
摩根士丹利表示，中銀香港首季業績趨勢與其他香港同業相似，財富銷售非常強勁及信貸質素良好，僅因淨息差疲弱部分地抵銷。該行上調對中銀香港每股盈利預測5%，反映非利息收入趨勢改善，又重申對中銀香港「與大市同步」評級，但視中銀香港為香港銀行股首選，目標價由23元上調至25元。
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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)
瑞銀│買入│34元
花旗│買入│31.9元
匯豐環球研究│買入│31.8元
摩根大通│增持│31.7元
摩根士丹利│與大市同步│23元->25元
券商│觀點
瑞銀│首季費用收入強勁及撥備減少抵銷淨息差疲弱
花旗│撥備前經營溢利符預期
匯豐環球研究│撥備前經營溢利符預期，資產質素勝預期
摩根大通│首季經營表現稍勝預期，受費用收入及信貸成本下降推動
摩根士丹利│費用收入強勁，但淨息差疲弱
(fc/w)
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