一文了解券商於中銀(02388.HK)公佈業績後最新評級、目標價及觀點
中銀香港(02388.HK)今早股價造淡,最新報26.75元下滑1.8%。摩根大通認爲,中銀香港中期業績符合預期,撥備前經營溢利增長被信貸成本上升抵銷。該行調整對中銀今明兩年盈利預測,分別下調1.6%及上調0.2%,反映更疲弱入預期及更高信貸成本,但被淨息差擴張更快部分地抵銷。該行指,中銀香港業績質素勝同業,反映於更佳的撥備前經營溢利增長,相對受控的信貸成本,以及更穩固的資本狀況。
中銀昨日(30日)收市後公佈中期業績,純利按年升7%至134.72億元,符合本網綜合3間券商介乎128.52億至140.4億元的預測,每股盈利1.2742元,派每股中期息0.447元,按年持平。期內提取減值準備前之淨經營收入按年升9%至272.32億元,符合本網綜合3間券商介乎260.61億至276.62億元的預測。總經營收入按年升4%至362.42億元,淨息差按年收窄9點子至0.99釐。淨服務費及傭金收入按年跌23%至51.44億元。
【業績符預期 淨息差擴闊】
高盛發表報告表示,上調對中銀香港目標價由41.8元升至42.3元,維持「買入」評級「確信買入」名單。基於第二季強勁增長動力,加上港美息率持續上升下淨息差有進一步改善空間,以及合理成本控制和資產質素穩定,業績將可能顯着好於目前市場預期。
匯豐環球研究指,中銀香港次季經匯兌掉期調整的淨息差按季擴闊11基點至1.19釐,高於該行預期的中至高單位數增長,管理層更指淨息差在6月升至1.22釐,料第三季進一步擴張。中銀香港中期成本收入比率亦按年改善1.5%。另一方面,次季不良貸款比率按季升19基點,中期信貸成本21基點高於預期,但第二階段資產曝險較去年下半年顯着減,或意味資產質素趨勢回穩,中期費用收入亦因貸款傭金、財管收入及信用卡與外匯相關收入疲弱,按年跌22.7%。整體業績爲好壞參半。該行上調對中銀香港股本成本預測25基點,反映資產質素展望確定性減少,目標價亦由34.9元降至33.8元,維持「買入」評級。
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本網最新綜合8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(「確信買入」名單)│41.8元->42.3元
摩根士丹利│與大市同步│30元
摩根大通│增持│37.6元
星展│買入│37.4元
富瑞│買入│37元
瑞銀│買入│36元
匯豐環球研究│買入│34.9元->33.8元
花旗│買入│33.3元
券商│觀點
高盛│次季業績遠勝市場預期
摩根士丹利│其他收入較佳令純利優預期
摩根大通│中期業績符預期,撥備前經營溢利增長被信貸成本上升抵銷
星展│未來穩定增長及資產質素改善
富瑞│中期業績符預期,淨息差表現正面,內地商業物業風險有限
瑞銀│中期盈利大致符預期,信貸成本略高於預期
匯豐環球研究│中期淨息差擴闊勝預期,不良貸款比率上升亦超預期
花旗│中期收入略勝預期,淨息差擴張快於預期
(fc/w)
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