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一文了解券商於恆生(00011.HK)公布中期業績後最新目標價及觀點
恆生銀行(00011.HK)今早股價受壓,盤中曾低見110.2元一度下滑4.8%,最新報111.5元跌3.6%。高盛表示,恆生中期業績大致符合預期,由於新會計準則(IFRS 17)披露降低淨利息收益收入,將該行2023至2025年淨利息收入預測下調13%至14%,恆生管理層估計明年貸款將重新出現增長,高盛預計2024、2025及2026財年貸款增長分別為4%、5%及5%,並預期2023財年貸款下降約4%。 恆生昨日(1日)中午公布今年中期業績,純利98.27億元,按年升78.5%;每股盈利4.99元。派第二次中期股息1.1元,連同第一次中期股息上半年共派2.2元,對比2022年上半年期派1.4元。期內扣除預期信貸損失變動及其他信貸減值提撥前的營業收入淨額,按年升29%至199.4億元。營業溢利上升67%,達108.58億元;除稅前溢利按年升71%,至109.61億元。 恆生表示,市場利率上升令上半年淨利息收益率改善至2.09%,帶動淨利息收入大幅增長42%至151.91億元。淨息差則增加31個基點至1.72%。中期淨服務費收入則按年跌3%至26.66億元。 【貸款需求弱 績後股價跌】 高盛表示維持恆生銀行「沽售」投資評級,將目標價由117元下調至116元,指其估值較同業有溢價,但未來預測股息回則則較同業低。該行料恆生於2023年至2026年每股派息6.3元(均按年持平)。 瑞銀表示,恆生中期純利符合該行預期,收入則略低於預期,主要是新會計準則(IFRS 17)下令其他非利息收入受影響,淨手續費收入大致符預期。該行指,恆生2023年上半年貸款按半年下滑4%,由於貸款需求疲軟(本地貸款按半年下降2.2%)以及內地商業地產貸款組合持續去風險化(按半年跌21%至409億元),就貸款增長前景而言,去風險仍然是首要任務。該行維持對恆生「中性」評級及目標價115元。 富瑞表示,恆生上半年貸款增長按年下跌,存款增長亦錄下,基於業績因使用新會計準則需重列,結果較難明顯解讀,重列因素可能會推動盈利上調,維持對其「持有」投資評級及目標價113元。 ------------------------------------------------------ 本網最新綜合4間券商對恆生投資評級及目標價(港元): 券商│投資評級│目標價(港元) 高盛│沽售│117元->116元 瑞銀│中性│115元 花旗│中性│115元 富瑞│持有│113元 券商│觀點 高盛│反映上半年營運趨勢,維持「沽售」評級 瑞銀│貸款增長疲弱 花旗│內地企業貸款收縮,相關不良貸款率升至2.85% 富瑞│淨利息收入鞏固
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