《大行報告》中金下調渣打(02888.HK)目標價至70.1元 渤海銀行減值拖累季績
中金髮表報告指,渣打(02888.HK)公佈第三季業績,經調口徑下營收符合該行預期,稅前利潤小幅低於該行預期,主要來自撥備計提走高;報告口徑下,稅前利潤按年和按季分別減少54%、58%,大幅低於該行預期,主要來自其持股的渤海銀行的7億美元減值損失。
報告指,渣打第三季淨息差1.63%,按季下降8個基點,不及該行預期。公司維持明年淨息差1.75%指引不變,包括9個基點對衝工具到期的正貢獻,考慮到市場對於明年的利率預期有所上修,該行認爲淨息差指引保持不變意味着公司計入了較此前更高的負債成本預期。
中金指,渣打信用成本高於預期且產生渤海銀行相關減值,因此下調全年盈利預測22.6%至28.85億美元,維持明年盈利預測基本不變。維持「中性」評級,由於公司資產質量仍存在諸多不確定性,下調目標價15.1%至70.1元。
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