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一文綜合券商於恆生(00011.HK)公佈去年業績後最新評級及目標價
恆生銀行(00011.HK)今早股價造好,股價曾升3.5%,最新升2.4%報131.3元。富瑞發表報告表示,恆生去年下半年核心營運趨勢符預期,派息優於預期,而管理層確認今年撥備將會降低,決定上調對其目標價由110元升至135元,維持「持有」評級。 恆生昨日中午(21日)公佈2022年業績,除稅前溢利減少114.39億元,按年倒退30.2%,爲本網綜合5間券商料介乎106.78億至144.33億元的近市場預期下限。期內純利跌27.2%至101.65億元,每股盈利4.95元。第四次中期息每股2元,去年每股派息共4.1元,高於本網綜合5間券商預料全年每股股息介乎每股3.1元至4元。 恆生去年扣除預期信貸損失變動及其他信貸減值提撥前之營業收入淨額按年升2.4%至339.72億元。淨利息收入增長22%,淨利息收益率擴闊28點子至1.77%。淨服務費收入減少22.9%。恆生執行董事兼行政總裁施穎茵表示今年預期信貸損失估計或較去年爲低,主要由於內地政府就內房行業去年下半年陸續出臺的各項政策開始見成效,因此對今年發展審慎樂觀。 【派息優預期 券商稱驚喜】 高盛表示,恆生銀行去年下半年盈利優預期,因收入較高,指派息高於預期,而派息比率達83%,該行上調對恆生2023年至2025年每股盈利預測各11%、10%及2%,調高對其目標價由116元升至124元,維持「沽售」評級。 美銀證券發表報告表示,恆生銀行去年純利按年下跌28.7%低於預期,主要由於減值損失較預期爲高。撥備前盈利則按年上升1.3%,高於預期。恆生去年每股派息按年下跌20%至4.1元,但派息比率則按年提升9個百分點至83%,屬於正面驚喜。該行下調恆生目標價,由140.3元降至134元,維持「中性」評級。 ------------------------------------- 下表列出7間券商對其評級及目標價: 券商│投資評級│目標價(港元) 摩根大通│增持│155元 中金│中性│140.04元 富瑞│持有│110->135元 美銀證券│中性│140.3->134元 摩根士丹利│減持│128.3元 高盛│沽售│116->124元 花旗│中性│124元 券商│觀點 摩根大通│信貸成本上升導致去年收益遜預期,但派息比率勝預期 中金│去年就內房敞口增加撥備,關注業績邊際改善 富瑞│股息增長率遠勝預期,核心經營趨勢基本符合預期 美銀證券│去年下半年淨息差強勁,派息令人驚喜 摩根士丹利│淨利潤收益率增長強勁,派息率高於預期 高盛│去年下半年盈利及派息勝預期 花旗│撥備受內房相關影響,淨息差擴闊強勁
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