《大行報告》高盛升渣打(02888.HK)目標價至86元 管理層確認增長前景對股價影響正面
高盛發表研究報告指,渣打(02888.HK)第四季核心除稅前基本溢利10億美元,比公司預期高出7%,嚴格的成本控制和低於預期的減值費用抵銷了收入疲弱的影響。此外,2023財年基本每股盈利、股息和總資產淨值分別較市場預測高出4%、14%和4%。集團又宣布約10億美元的回購計劃。
該行表示,渣打的指引包括2024至2026財年收入每年增長5至7%,其中2024財年將處於區間的頂端。集團將2024財年的淨息差指引調整為100至102.5億美元。另外,2026財年的成本複合年增長率為3%,並將2026財年的成本限制在120億美元以下。集團又設下2026財年有形股本回報率(ROTE)目標達12%,並向股東累計回饋最少50億美元。
高盛預計,集團管理層確認增長前景對股價影響正面,預期2024財年至2026財年收入分別增長7%、5%、5%,每年成本增長3%,而信貸成本將逐漸正常化。基於第四季的業績,該行上調集團2024至2027財年的每股盈測1%、10%、10%、6%,以反映最新的管理層指引,又預計2028的的每股盈利達2.78美元,而目標價則由82元調升約5%至86元,維持「買入」評級。
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