《大行報告》海通國際升恆生(00011.HK)評級至「跑贏大市」 目標價升至119.17元
海通國際上調對恆生(00011.HK)投資評級,由「中性」上調至「跑贏大市」,目標價由109.39元上調至119.17元,基於派息顯著上升、以更高撥備覆蓋率快速去風險,以及透過資產負債表管理為減息及早預備。該行以1.3倍市賬率,按2024年預測每股淨值91.67元計算目標價。
海通國際指,恆生去年下半年淨息差較上半年擴闊42點子至2.51厘,毛貸款則跌7%,主要基於去風險及貸款需求轉弱。存款同期跌8%,以保障淨息差及主動管理債責。該行料恆生今年上半年貸款增長仍然低迷,下半年在可能出現的減息下回穩,整體淨利息收入敏感度較去年下降。
該行又指,內地商業房地產有抵押貸款佔比為53%,按年升8個百分點。整體有抵押貸款撥備覆蓋率為74%,按年升約14個百分點,該覆蓋率在信貸受損的內地商業房地產組合佔比為88%。
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