《大行報告》高盛升渣打(02888.HK)目標價至86元 業績勝預期料股價反應正面
高盛發表報告指出,渣打(02888.HK)去年第四季基本稅前盈利10億美元,高出預期7%,公司嚴控成本及減值費用低過預期,抵銷收入疲弱的影響。此外,公司去年基本每股盈利、股息及有形資產淨值(TNAV)分別高出預期4%、14%及4%,公司另宣布約10億美元回購計劃。
該行認為,渣打管理層重新確認公司增長前景,相信對股價反應正面。該行考慮到渣打上季業績,對其2024至2027年每股盈利預測分別上調1%、10%、10%及6%,以更能反映更新後的公司指引。但在考慮到其15億美元CTA費用後,將其每股盈利預測分別下調5%、下調4%,上調3%及上調7%。對2028年每股盈利預測為2.78美元。另對公司2024至2026年的列帳/基本有形股東權益回報(ROTE)分別為9.5%/10.4%、9.6%/11%,以及10.9%/11.7%,較市場預期基本範圍10.7%至10.8%低約10點子。
該行維持對渣打「買入」評級,目標價由82元上調至86元。
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