《大行報告》大摩:恆生(00011.HK)中期除稅前溢利勝預期 派息符預期
摩根士丹利發表的研究報告指,恆生銀行(00011.HK)上半年稅前溢利爲102.98億元,較市場預期高1%,較該行預期高15%,每股派息1.1元符預期。期內淨利息收入稍低於該行及市場預期,淨息差則與去年下半年及預期一致,而非利息收入表現則高於該行預期,一方面是受惠於費用收入理想,另外則受惠公平值收益,而非利息收入及整體收入大致符預期。
期內成本按年升7%至67.54億元,符該行預期,但就較市場預期高6%,撥備前溢利則較市場預期低5%,但就較該行預測高8%。期內成本開支比爲39%,預期信用損失3.49億元亦低於該行及市場預期,帶動整體業績表現符市場預期,並好於大摩預測。(el/k) ~
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