《大行報告》中金:匯控(00005.HK)重啟季度派息及股權回購 ROTE好於預期
中金發表研究報告指,匯控(00005.HK)首季經調整收入165.94億美元,按年增長33.6%;經調整稅前利潤93.7億美元,按年增長98.7%,業績大幅高於預期,主要是由於非利息收入表現優異及信用成本較低。集團指引在IFRS 17準則下,2023年淨利息收入至少340億美元,較此前至少360億美元指引基本持平,全年信用成本指引維持在40個基點。
該行提到,集團自疫情後首度恢復季度派息,派發每股股息10美分,同時宣布20億美元股權回購計劃。此外,公司指引加拿大業務有望在明年首季完成出售,將利用其盈餘資本進行股東回報。當前公司2023至24E股息率均達到7%以上,考慮到加拿大業務出售帶來的21美分特別派息及後續股權回購,股東回報具有較大吸引力。
該行上調集團2023年盈利預測18%至261.18億美元,惟下調2024年盈測5.9%至209.29億美元,維持「中性」評級,目標價上調8.4%至75.5元,以反映有形股本回報率(ROTE)好於預期。
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