《大行報告》大摩:匯控(00005.HK)仍為首選 料市場更聚焦股本回報率改善
摩根士丹利發表研究報告指,中國在重新開放下經濟持續改善,加上環球通脹及增長呈現更大確定性,預期投資者將更關注匯控(00005.HK)今年股本回報率的提升,給予目標價59.8元,評級「增持」,仍列為首選。
大摩預期,匯控將在公布第二季業績時宣布10億美元股票回購計劃,同時今年將支付90億美元股息,計及在2024年初出售加拿大業務後返還高達97.5億美元,預期將佔其市值的14%,相關資本回報將進一步提升其股本回報率。
該行指,匯控近期股價下挫,主要由於市場關注通脹及利率上升對環球經濟構成的風險,以及中國GDP放緩對其業務影響,隨著中國宏觀前景改善及全球風險變得更容易管理,相信市場將更加關注其股本回報率改善表現。
在公布去年第四季業績之前,大摩只對匯控的預測作出輕微調整。該行預計淨利差將在今年繼續改善,推動淨利息收入增長14%,加上財富費用業務表現更強勁及固定貨幣成本增長2%,料帶動總收入增長10%,撥備前利潤提升19%,股本回報率預期擴張至11%,有形股本回報率提升至13%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.