《大行報告》中金升匯控(00005.HK)評級至「跑贏行業」 目標價75.5元不變
中金發表研究報告,將匯控(00005.HK)的投資評級上調至「跑贏行業」,並維持目標價75.5元不變,認為匯控的高淨資產收益率和高股東回報可以支持其估值回升。
中金並將匯控列為港銀首選,指出高利率環境下該行淨息差優勢顯著,主要是由於其長期專注於香港及英國兩個核心市場,資產重新定價持續時間較短,而且活期及儲蓄存款數額較大,遠高於香港同業,預計今年第二季香港銀行同業拆息(HIBOR)上升,以及歐美續加息將進一步提振匯控的淨息差水平,相信全年或可超越該行指引。
同時,中金預計高利率環境持續將帶動匯控淨利息收入保持於高水平,看好匯控股東回報遠高於同行,預測今明兩年股東回報率分別為11%和13%。而當利率回落時,中金亦憧憬財富管理業務可成為匯控收入重要增長動力,可部分抵銷淨利息收入下降的壓力。
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