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《大行報告》中金降匯控(00005.HK)目標價至50.11元 指內房敞口及英經濟不確定成業績背後烏雲
阿思達克 10-26 11:19
中金發表報告表示,匯豐控股(00005.HK)公布今年第三季業績,調整後營收143.03億美元,按年增長27.7%;調整後稅前利潤65.09億美元,按年增長18.2%;列賬基準歸母淨利潤19.13億美元,按年減少46%,較調整後口徑差異較大主要來自24億美元出售業務減值。該行指匯控第三季業績小幅高於該行預期,主要來自息差改善與全球銀行與資本市場(GBM)相關非息收入增長。 該行指,下調對匯控目標價19.6%至50.11元,相當於今年及明年預測市賬率各0.8倍及0.7倍,維持「中性」評級。該行基於匯控淨利息收入及非利息收入預期改善,上調今明兩年淨利潤預測3.2%及8.1%。 中金認為,縱使匯控收入勝預期,但宏觀經濟存在較大不確定性,不良貸款比率保持低位及資產質量穩健,惟其內房風險敞口及英國經濟存在較大不確定性,指現階段匯控不良率仍保持低位、資產質量穩健,但展望未來,在內房敞口與英國經濟存在較大不確定性的環境下,集團上調2022年與2023年信用成本指引至30個基點及40個基點,指內房風險敞口及英經濟成業績背後烏雲。 該行考慮到匯控今年第四季淨利潤對普通股權一級資本比率的補充作用有望顯著增強,認為未來匯豐核心一級資本充足率或將穩步改善。同時預計匯控2023年每股股息0.51美元,對應當前股價股息率10%。
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