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《大行報告》高盛上調渣打(02888.HK)目標價至68元 評級「買入」
高盛發表報告,渣打集團(02888.HK)能受惠加息,不過其缺乏匯控(00005.HK)般強大經營網絡帶來的大額存款,受惠於加息的程度料低於匯控,不過其息差和盈利將隨着利率上升而提高。高盛料直至2024年底止,聯儲局將加息共十次。高盛維持渣打「買入」評級,目標價由64元上調至68元。 高盛認爲,渣打目前估值接近歷史低位,其盈利能力的提高將使其能夠進行更多的股份回購,該行預計渣打在直至2025年,每年進行10億美元回購,屆時總資本回報率將上升到約10%,同時預計,直至2025年,淨息差將擴大40個基點,令2022至2025年各年淨利息收入分別增長7%、15%、11%和6%。 高盛指,渣打在金融市場中擴大市場份額,其財富管理收入呈現強勁增長,雖然利率上升導致這些資本市場收入增長放緩,但整體收入應以7%的相對較快的速度增長。該行將渣打2022至2025年間每股盈利預測平均上調7%。
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