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一文了解大行對匯控(00005.HK)最新評級、目標價及觀點
匯豐控股(00005.HK)昨(22日)中午收市後公佈去年全年業績後全日股價跌3.6%,今早股價回升近3%。摩根大通指,匯控業績好壞參半。正面來看,撥備前溢利受淨息差穩定及成本低於預期支持而勝預期,資本回報率亦勝預期,且10億美元額外股份回購令人驚喜,派息亦勝預期。 匯控昨中午列賬基準除稅前利潤按年增1.15倍至189.06億美元,符合本網綜合4間券商介乎188.58億至195.49億美元的預測。列賬基準母公司普通股股東應佔利潤(純利)按年增加2.23倍至126.07億美元,符合本網綜合4間券商介乎122.42億至127.12億美元的預測,每股基本盈利62美仙,宣派年度第二次股息每股18美仙,全年合共派息每股25美仙。 集團擬提出進一步回購最多10億美元股份,於現時最多20億美元回購完成後展開。集團表示,已檢討是否恢復按派季息,惟現時不擬於2022年內恢復此安排。未來數年集團將繼續檢討是否恢復派季息,並於2023年2月發佈2022年業績時或之前再作交代。 【額外股份回購 未擬復派季息】 摩根大通指,匯控業績好壞參半。正面來看,撥備前溢利受淨息差穩定及成本低於預期支持而勝預期,資本回報率亦勝預期,且10億美元額外股份回購令人驚喜,派息亦勝預期。負面來看,撥備開支高於預期,受中國商業物業曝險影響。兩者衡量之下,該行料匯控股價將繼續跑贏恆指,受惠於收入展望改善,以及投資者將集中於收入增長多於信貸成本正常化,基於中國物業曝險的風險已反映。然而匯控股價或跑輸渣打(02888.HK),基於後者業務前瞻前指引更爲正面。該行維持對匯控「增持」評級,目標價68元。 高盛指,匯控去年末季經調整稅前溢利勝該行預期6%,但遜市場預期。收入按季持平,高於該行預期並符合市場共識,成本和每股派息均符合預期,資本狀況亦比預期好。集團宣佈增加10億美元股份回購,同時預計明年將實現10%有形股本回報率,較原預期提早一年,市場和高盛預期分別爲9.4%和10.4%。該行維持對該股「買入」評級,目標價68元。 花旗指,匯控去年第四季盈利並非太差,指集團今年指引大致符合市場預期,料撥備有下調風險,並指匯控2023年指引略優預期,但投資者正關注會受香港經濟於今年上半年會呈放緩的影響。(wl/) ------------------------------------------ 本網最新綜合7間券商對其投資評級及目標價 券商│投資評級│目標價(港元) 花旗│買入│68.8元 高盛│買入│68元 摩根大通│增持│68元 瑞銀│買入│63元 摩根士丹利│與大市同步│58.2元->59元 國泰君安│收集│57.89元 富瑞│持有│50.18元(473便士) 券商│觀點 花旗│季度實際稅前溢利符預期 高盛│成本符預期,惟撥備超預期 摩根大通│業績好壞參半,但額外回購10億美元股份爲驚喜 瑞銀│撥備前經營溢利符預期 摩根士丹利│上季稅前溢利遜預期,但利率上升已在有形股本回報率開始反映 國泰君安│去年業績略優預期,料疫影響仍將可控 富瑞│有形股本回報承諾早爲市場預期
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