《大行報告》瑞銀:渣打(02888.HK)ROTE指引略優預期 股份回購規模較大
瑞銀髮表研究報告指出,渣打(02888.HK)去年第四季淨利息收入微增2%,淨息差1.58%,較預期高出2點子。貸款虧損較市場預期高出三分之一,主要受內地房地產及主權評級下調撥備的影響。普通股權一級資本比率爲14%,高過目標範圍。嚴控資產負債表下,有助集團展開10億美元股份回購,回購規模較大。
此外,該行指渣打管理層預期今明兩年,撇除債務價值調整及按固定匯率基準計,收入將在8%至10%的範圍內增長,市場預期各增8%及7%;今年淨息差約175點子,明年高於180點子,市場預期各爲165及172點子。信貸減值繼續正常化,約爲30至35點子,市場預期爲34至35點子。今年有形股東權益回報將接近10%,明年超過11%,市場預期各爲8.9%及10.1%。普通股權一級資本比率13%至14%。
該行對渣打倫敦目標價爲825便士,評級「買入」。
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.