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《大行報告》摩通:渣打季績受一次性因素影響 對匯控(00005.HK)下周一業績啟示作用有限
摩根大通發表報告指,渣打集團(02888.HK)第三季業績遜預期,拖累股價下跌,但相信再下跌風險有限,因為管理層預示第四季及明年淨息差改善,而摩根認為,內地商業房地產(CRE)相關信貸損失再上升的風險亦有限。 匯控(00005.HK)將於下周一(30日)公布第三季業績,摩通認為,渣打的業績對匯控的指示作用不大,因為渣打第三季淨息差收窄,主要受對沖及一次性因素影響,並非行業趨勢,亦估計匯控不會有如渣打對渤海銀行(09668.HK)般,需要對交行(03328.HK)作出大額減值開支,因為交行上半年財務表現較渤海銀行為佳。 摩通指,雖然匯控內地商業房地產預期信貸損失可能增加,並拖累第三季盈利,但相信市場反應不大,摩通對匯控及渣打均予「增持」評級,當中較偏好匯控,因為盈利更穩定、股本回報更佳。
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