《大行報告》花旗降恆生(00011.HK)目標價至88元 評級「中性」
花旗發表報告,更新對恆生銀行(00011.HK)預測模型,以反映最新的市場發展因素。該行將恆生2023財年至2025財年收入預期下調1至3%,主要原因是生息資產(AIEA)增長放緩導致淨利息收入下降。同時將恆生2023財年至2025財年信貸成本預測分別上調75、45及28個基點 ,以考慮中國商業房地產敞口資產質量持續惡化的因素。
根據上述調整,該行將恆生2023財年至2025財年每股盈利預期分別下調5%、10%及3%。同時將股本成本假設從10.5%上調至11%,以反映更高的無風險利率。目標價由103元下調至88元。維持「中性」評級。
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