《大行報告》大摩:恆生(00011.HK)淨利息收入優預期 但指下半年前景仍存挑戰
摩根士丹利發表研究報告指出,恆生(00011.HK)上半年經營溢利55.33億元,按年跌46%;純利符合市場預期,但高過該行預期;淨利息收入優於預期,淨息差上升1個基點至1.52%;非利息收入亦超過該行預期,但較市場預期低20%,主要由於人壽保險及收費疲弱所致。受內地房地產市場影響,預期信貸損失提撥20.96億元,較該行預期低。派第二次中期息0.7元,符合預期。
該行認爲,雖然整體市場預期恆生中期表現疲弱,但業績未如預期般差,估計下半年仍然嚴峻,但情況正有所改善。目標價138.9元,評級「減持」。
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