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一文綜合大行於匯控(00005.HK)公佈季績後最新目標價及觀點
匯豐控股(00005.HK)公佈首季業績後,因重一步額外回購股份的憧憬落空,今早股價持續受壓,盤中曾低見47.25元一度下滑4.5%。摩根大通發表報告表示,匯控首季業績好壞參半,但關鍵的資本充足率表現遜色,指今年進一步額外回購股份的憧憬落空令人失望,該行仍維持對匯控「增持」評級及目標價65元。 匯控昨(26日)中午公佈首季業績,列賬基準除稅前利潤按年跌28%至41.66億美元;經調整除稅前利潤按年跌25%至47.06億美元;列賬基準母公司普通股股東應佔利潤按年跌28%至28.03億美元,每股基本盈利0.14美元。列賬基準收入按年跌4%至124.64億美元,年率計之平均有形股本回報率6.8%,按年跌3.4個百分點。淨利息收益率1.26%,按年升5個基點。 匯控截至首季普通股權一級資本比率爲14.1%,按季跌1.7個百分點,乃因監管變動於2022年第一季生效,以及孳息曲線變陡導致金融工具錄得31億美元權益估值虧損。該行亦指,爲就淨利息收益進行經濟對衝而持有金融工具產的權益變動,或會短暫令2022年普通股權一級比率跌至低於該行目標範圍下限的14%,從使其無法在2022年展開進一步回購。 【額外回購落空 績後股價下滑】 摩根士丹利表示,匯控首季收入略遜預期,受費用收入拖累,但淨利息收入建立良好進展,英國淨息差尤其強勁,加上強勁貸款需求特別是來自商業銀行,該行上調對匯控今年淨利息收入預測3.2%。該行亦指,匯控預期今年信貸增長爲中單位數,利率上升展望推動淨息差擴大加速,管理層對明年達到逾一成有型股本回報率的信心增加。該行維持對匯控目標價59元及「與大市同步」評級。 瑞銀指,匯控稱每加息1釐,假設半數傳導至存戶,第一年淨利息收入將增加53億美元,第三年增加至71億美元,相等上調2021年實際淨利息收入兩成。該行指出,市場預期美聯儲局及英倫銀行一年後利率分別較2021年平均增加3釐及2.5釐,但市場對匯控的2024年淨利息收入僅較2021年高36%。該行認爲市場對匯控每股盈利預測及估值顯着低估其未來盈利能力。該行給予匯控「買入」評級,目標價62.2元。 ------------------------------ 本網最新綜合6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 花旗│買入│65.8元 摩根大通│增持│65元 瑞銀│買入│62.2元 摩根士丹利│與大市同步│59元 富瑞│持有│56.66元(574便士) 券商│觀點 高盛│季績符預期,資本表現遜預期成焦點 花旗│資本表現遜預期,管理層對淨利息收入看法正面 摩根大通│普通股權一級資本比率跌及今年再無額外回購令人失望 瑞銀│撥備前溢利符預期,普通股權一級資本比率下降 摩根士丹利│經調整稅前溢利勝預期,上調全年盈測4.8% 富瑞│資本表現遜預期成爲焦點,其他業績指標良好
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