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《大行報告》摩通料匯控(00005.HK)短期股價向上 建議投資者獲利
阿思達克 05-03 10:42
摩根大通發表研究報告指,匯控(00005.HHK)首季業績好於預期,成本比預期低4%,推動撥備前利潤高出17%。低減值和特殊收益推動了強勁的利潤,核心一級資本比率為14.7%,而市場普遍預期是14.4%。集團將回購20億美元股份,符合預期。 該行預計集團股價會短期向上,惟建議投資者在升勢中獲利了結,主要因為活期及儲蓄存款下降,淨息差可能已見頂,而香港上海匯豐銀行是一個關鍵拖累;淨收費按年持平,另匯豐銀行於今年第一季的重組成本為零,但管理層預計次季的遣散費為3億美元;SVB的整合成本使2023財年的成本增長增加1%;及2023財年首季信貸成本僅為18個基點,而管理層重申2023財年信貸成本約為40個基點,表明減值費用存在上行風險。 摩通重申認為匯控撥備前利潤和利潤增長在今年首季已達到高峰,並似乎有不利的風險,維持集團「中性」評級,目標價為61元。
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