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一文綜合大行於中銀香港(02388.HK)公佈業績後最新目標價及觀點
中銀香港(02388.HK)公佈去年業績後,今早股價受壓,半日收24.45元下跌3.7%。摩根大通表示,中銀去年業績遜預期,撇備前利較預預期爲低,因非營運收入(投資物業估值重估)錄得較大損失所致,決定下調對其今明兩年盈利預測各13%及19%,下調目標價由37.1元降至33.4元,相當於預測今年市賬率1.1倍,維持「增持」評級。雖然加息週期可能接近尾聲,但料在貸款增長、手續費收入復甦和彈性資產質量方面的週期性順風下,該行料中銀香港在2023財年仍可實現兩位數的盈利增長, 中銀(02388.HK)昨日(30日)收市後公佈去年業績,營業額715.44億元,按年升9.1%。純利270.54億元,按年升17.8%,低於本網綜合9間券商預測純利中位數297.35億元;每股盈利2.5588元。派末期息0.91元,連同中期息0.447元,全年每股股息1.357元,按年增20.1%;派息比率爲53%,按年提升1個百分點。 中銀去年淨利息收入爲388.14億元,按年升21.5%,計入外匯掉期合約的資金收入或成本後的淨利息收入爲423.67億元,按年上升28.6%,主要由於平均生息資產增長及淨息差擴闊帶動;若計入外匯掉期合約的資金收入或成本,淨息差爲1.36%,按年上升27個基點。淨服務費及傭金收入按年下跌19.9%,主要由於投資市場氣氛淡靜。去年減值準備淨撥備23.45億元,高於2021年的21.45億元,不良貸款率0.53%,繼續保持香港同業優良水平;普通股權一級資本比率爲17.55%,較2021年末升0.25個百分點。 【業績遜預期 淨息差收窄】 匯豐環球研究表示,中銀香港去年業績遜預期,因淨息差收窄、受一次性開支及投資按市值入賬等因素所影響,但中銀派息比率有提升,重申對其「買入」評級,下調目標價由34.5元降至32.1元,下調對其2023年及2024年純利預測各9.9%及8.2%。 花旗表示,中銀去年下半年純利錄136億元,按年升31%(按半年升1%),低於市場原預期12%,因受到一次性因素影響及淨息差收窄,維持其「買入」評級及目標價31.1元。 ----------------------------------- 下表列出4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│37.1元->33.4元 高盛│買入│33.9元->33.3元 匯豐環球研究│買入│34.5元->32.1元 花旗│買入│31.1元 券商|觀點 摩根大通│因撥備前利潤較弱及非營運損失較大致去年業績未達標 高盛│去年第四季度交易收入下降和成本上升,下調目標價 匯豐環球研究│投資損失導致去年業績未如理想,股息支付率增加憧憬業務恢復良好勢頭 花旗│因投資物業的公允價值虧損導去年下半年盈利增長遜預期,營業利潤比市場預期低 3%
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