《大行報告》花旗升渣打(02888.HK)目標價至75.95元 評級「中性」
花旗上周末發表研究報告指,在渣打集團(02888.HK)公布次季業績後,上調對其每股盈測0%至3%,主要是由於非利息收入預測輕微上調、減值開支減少,以及加大回購所驅動,惟部分被成本開支增加所抵銷。
經修訂後,該行對渣打2023至2025年經調整稅前盈利預測較市場分別高出7%(更高收入)、高出1%(更高收入被更高經營開支抵銷)及低8%(更高經營開支)。
就渣打今年更新後收入指引料按年升幅介乎12%至14%,花旗看法大致相若,惟對其明年指引收入料按年升8%至10%不感樂觀,因料現時的利率順風或變成利率逆風,憂慮銀行不能透過成本控制抵銷影響。考慮盈測修訂等後,該行上調渣打目標價,由70.1元升至75.95元,維持「中性」評級。
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