《大行報告》中金下調恆生(00011.HK)目標價至118.2元 上半年業績大致符預期
中金髮表研究報告指,恆生(00011.HK)上半年收入按年升29%至199.4億元,純利增83%至95.45億元,基本符合預期。截至上半年末,其活期存款佔總存款的比例按半年增長2個百分點至61%,但總貸款下降。中金認爲,銀行流動性充裕,但配置高收益資產的機會較少,料未來貸款增長將很大程度上取決於香港經濟復甦的步伐。
該行認爲,恆生或會繼續面臨與資產負債表擴張和信貸成本相關的壓力,將其2023及2024年盈利預測分別下調11.8%和18.7%,各至174.6億元和168.2億元,該行維持恆生「中性」評級,將目標價下調9.5%至118.2元,相當預測明年市賬率1.3倍。
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