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《大行報告》高盛上調恆生(00011.HK)目標價至124元 評級維持「沽售」
高盛發表報告指出,恆生銀行(00011.HK)去年下半年純利超預期,每股派息亦高過預期,儘管普通股權一級資本比率仍低於同業,派息比率仍高達約83%。該行對恆生2023至2025財年的淨利息收入預測上調6%至7%,預期2023至2024財年淨息差將保持在去年第四季的約2.1%的水平,2025年則料有所收窄。 報告將恆生2023至2025財年各年每股盈測各上調11%、10%及2%,每股派息預測升11%、8%及8%,惟仍略低於市場預期。該行維持對恆生「沽售」評級,目標價由116元上調至124元,並認為相比於本地同業中銀香港(02388.HK),恆生的普通股權一級資本比率較低,對房地產的敞口較高,且對內地持續宏觀經濟復甦的槓桿較低。
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