一文了解券商於恆生銀行(00011.HK)公布業績後最新評級、目標價及觀點
恆生銀行(00011.HK)今日股價偏淡,券商傑富瑞指恆生中期業績符預期,前景展望中性。恆生昨日(2日)中午公布中期業績,純利按年跌4.1%至87.67億元;每股盈利4.44元,派第二次中期息1.1元,2021年上半年每股派息共2.2元,去年同期為1.9元。期內除稅前溢利減少3%至102.98億元,營業溢利減少8%至102.23億元。扣除預期信貸損失及其他信貸減值提撥變動前之營業收入淨額減少10%至173.26億元。期內總營業收入256.33億元,按年跌6%。當中淨利息收入減少近20%至118.83億元,淨息差下跌35個基點至1.43%。
恆生銀行上半年淨服務費收入增加17%至37.09億元,來自零售投資基金以及證券經紀及相關服務的收入錄得強勁增長,分別上升38%及25%。隨著零售消費意欲改善,信用卡業務收入增長10%,主要由於信用卡消費及商戶銷售增加。截至6月底普通股權一級資本比率為15.8%,一級資本比率為17.4%,總資本比率為18.9%。
恆生銀行指出,去年第三季起淨息差按季表現平穩,但低息壓力仍存在,未認為淨息差見底,但相信再收窄機會不大。該行亦指,目前資本水平充裕,但除要滿足監管要求外,目前環球市場波動性大,亦要預留資本滿足壓力測試要求及未來業務發展,冀長遠維持穩定派息和穩步派息增長。
【業績符預期 淨息差平穩】
美銀證券指,恆生銀行核心盈利按年跌18%,受累於淨利息收入按年跌19.7%。上半年股本回報率按年跌0.8個百分點至9.9%,為過去20年以來第二差。該行下調對恆生今年至2023年盈利預測3%至6%,但削減股本成本率預測25點子至8%,並上調目標價至140元。基於低息環境及相對欠吸引估值,給予「跑輸大市」評級。
花旗則認為恆生銀行業績有多項正面之處,包括淨息差及信貸增長堅韌,半日淨息差較去年下半年升1點子,信貸較去年下半年增長7%。此外,該行指恆生中期非利息收入較去年下半年升16%,信貸成本亦跌至7點子,去年同期減少30點子。該行維持對恆生銀行「中性」投資評級及160元目標價。
高盛表示,下調對恆生銀行2021年至2023年每股盈利預測6%至10%,並下調目標價,由176元降至160元,但維持「買入」評級。該行預測恆生下半年淨息差較上半年跌1點子至1.5厘。該行亦調整恆生信貸增長預測,今年預測上調5個百分點至增長11%,2022年及2023年則分別下調3及6個百分點,至增長8.3%及7.5%。該行稱,下調對恆生銀行今年至2023年非利息收入預測5%至11%,同期收入預測各下調4%。
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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)
傑富瑞│持有│167.8元
高盛│買入│176元->160元
花旗│中性│160元
美銀證券│跑輸大市│133元->140元
摩根士丹利│減持│138.5元
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券商│觀點
傑富瑞│中期業績符預期,前景中性
高盛│大範圍下調對其業績預測
花旗│中績受惠非利息收入及撥備減少
美銀證券│半年業績無驚喜
摩根士丹利│信貸損失較預期少推動稅前經營溢利勝預期,成本表現將令人失望
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