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《大行報告》摩通:渣打(02888.HK)上季資產質素堅韌 2026年新有形權益回報目標12%優市場預期
阿思達克 02-23 14:31
摩根大通發表報告指出,渣打集團(02888.HK)去年第四季經調整稅前盈利較預期高出10%,主要由於減損損失降低所致,淨利息收入較預期低1%,其他收入高過預期2%,成本降低2%,導致撥備前利潤較預期低3%。更重要的是,渣打的普通股權一級資本比率(CET1)高出10點子至14.1%;每股末期息每股息21美仙,超過預期,全年派息按年增長50%至27美仙,以及進行10億美元新回購計劃。 此外,該行提及渣打更新今年指引,目標淨利息收入100億至102.5億美元,預期為100億美元。管理層預期2026年公司在經營支出指引低於120億美元的推動下,對2026年新有形股東權益回報(ROTE)目標達12%,高過預期的10.7%。為此公司啟動新的成本計劃,未來三年節省支出約15億美元。公司又計劃於2024至2026年向股東累計回饋最少50億美元。 總括而言,該行認為渣打上季資產質素堅韌,預期每股基本盈利預測呈低至中單位數增長。維持對在倫敦上市的渣打(STAN.L)「增持」評級,目標價820便士。
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