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《大行報告》中金:匯控(00005.HK)有三大獨特投資價值
阿思達克 09-06 09:37
中金發表報告指,匯控(00005.HK)具有三大獨特投資價值,包括:多元化國際業務佈局、高利率環境推動息差改善、明確分紅回購政策。 報告指,匯控的核心優勢之一是國際網絡,在香港、英國、高增長的新加坡及印度等市場,有多元化佈局,具有獨特的投資價值。在2008年金融危機後,市場大多處於零利率環境,匯控負債端存款佔比較高、資產端久期較短,息差壓力較大,但預計加息下,匯控的資產負債結構具有優勢,有望帶動息差及盈利能力提升,而市場對此尚未充分預期及定價。 匯控明確設定14%至14.5%的資本充足率目標範圍,超出部分將回饋股東,計劃每年派息比率50%,明確的派息政策反映管理層對股東重視。該行維持匯控為香港銀行業首選,目標價80.1元,評級「跑贏行業」。 報告亦提出,高利率環境、穩健資產質量及股價上升的可持續性,是投資者對匯控的疑慮。
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