《大行報告》瑞銀:匯控(00005.HK)可受惠利率環境好轉 維持「買入」評級
瑞銀髮表研究報告指出,匯控(00005.HK)經調整除稅前利潤47.06億美元,較公司預期高5%。該行認爲匯控2023年的淨利息收入值得關注,可受惠利率環境好轉。利率市場假設由現時起的一年內,美國聯邦基金利率爲3.1釐,而英倫銀行利率爲2.6釐,分別較2021年平均水平增長300點子及250點子。而保守估計孳息率曲線每移動100點子,假設資產收益率增加的一半轉嫁給存款人,預料公司首年將增加53億美元淨利息收入,至第三年增至71億美元。預期匯控2024年的淨利息收入較2021年水平高36%。
該行指出,雖然匯控信貸風險或因經濟增長放緩、疫情及地緣政治因素而有所上升,但認爲市場對匯控每股收益的預測及目前市盈率估值均低估了其盈利能力的上升潛力。維持對其「買入」評級,在英國的目標價爲610便士,港股目標價則爲62.2港元。
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