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《大行報告》中金:渣打(02888.HK)上季受對沖工具影響令淨利息收入不及預期 降目標價至59.12元
阿思達克 10-27 14:17
中金發表研究報告指,渣打(02888.HK)第三季業績高於預期,主要來自金融市場收入快速增長。期內基本經營費用26.59億美元,按年增長2.5%,顯著低於14.7%的基本收入增速。由於銀行成本控制優於預期,該行分別上調今明兩年的盈利預測22.3%及11.4%,至34.7億美元和36.29億美元。考慮到當前宏觀經濟存在較大不確定性,維持其「中性」評級,並下調目標價10.6%至59.12港元。 該行引述渣打表示60%及100%短期對衝工具將分別在2023年2月與2024年2月到期,後續對淨息差負面影響將逐步消除,銀行指引2022及2023年淨息差分別為1.4%和1.65%。 展望明年,該行提到,渣打受對沖工具負面影響,集團第三季的淨利息收入不及預期。不過。受惠於收入持續增長,該行預計集團仍能達到營收增速領先成本增速至少2%的指引。另外,考慮到未來利率上行與通脹對經濟帶來的潛在衝擊,預計銀行2023年信用成本升至0.37%。(sl/~
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