一文綜合券商於渣打(02888.HK)公布去年業績後最新觀點及目標價
渣打集團(02888.HK)今早股價回升,盤中高見59.1元一度升3.6%。高盛指渣打去年業績遜預期,因受非利息收入弱及需為渤海銀行(09668.HK)作投資減值,但渣打管理層對前景指引正面。瑞銀指渣打給予2024年或之前令有形股東權益回報達到10%指引,優於市場原預期30%。
渣打昨(17日)中午公布,去年法定除稅前溢利33.47億美元按年增長1.08倍,遜市場預期;法定表現普通股股東應佔溢利19.05億美元,同樣遜預期。集團宣派末期股息每股9美仙,全年股息每股12美仙,遜預期。集團表示,即將開始7.5億美元股份回購,在13–14%的普通股權一級資本範圍內靈活管理,這些措施將促使未來三年的股東回報總共超過50億元。
期內有形股東權益回報上升300個基點至6%。基本除稅前溢利38.96億美元,按年增加55%,基本信貸減值支出2.63億美元。集團預期,2022全年收入增長預期在5%-7%的基本目標範圍之內,利率上升帶來部分支持。渣打行政總裁溫拓思表示,承諾會採取一系列廣泛的行動,力求在2024年或之前令有形股東權益回報達到10%。
【渤銀撥備令業績遜 管理層指引屬正面】
高盛發表報告表示,渣打去年第四季基本除稅前溢利1.39億美元,低於該行原預期5.53億美元,主要是來自非利息收入表現疲弱,抵銷了較低成本的影響,以及主要來自對渤海銀行(09668.HK)的投資減值(約3億美元)。但該行留意到渣打管理層對前景正面的訊息,上調對中期(2022年至2024年)收入增長指引至8%至10%(此前為5%至7%),並給予2024年或之前令有形股東權益回報達到10%指引,兼且將進行共7.5億美元股份回購,對中長線投資者而言屬正面。
瑞銀表示,渣打去年第四季基本除稅前溢利1.39億美元,低於市場原預期5.41億美元,主要受到為渤海銀行作3億美元的非現金投資減值所拖累,而集團給予2024年或之前令有形股東權益回報達到10%指引,優於市場原預期30%,維持對其「買入」投資評級。
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下表列出4間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
高盛│買入│68元
德銀│買入│64.75元(610便士)
花旗│中性│62.5元
瑞銀│買入│61.6元
券商│觀點
高盛│去年業績遜,但管理層前景指引正面
德銀│ 收入和減值致第四季業績未達預期,但回購及股息表現符預期
花旗│對2024年股本回報率達10%表示懷疑,資本效率和宏觀前景存不確定性
瑞銀│爭取至2024年股本回報率達10%高於預期
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