大行評級|瑞銀:予恒生銀行目標價94.5港元 預計上半年淨利息收入增長弱於預期
瑞銀表示,對恒生銀行看法更為謹慎,基於可能弱於預期的淨利息收入趨勢。導致有關情況的因素包括:今年以來本港銀行同業一個月拆息較去年下半年跌49基點、銀行體系貸款首四個月減少2%,以及往來賬户及儲蓄賬户佔總存款比率同期減少1個百分點至40%。該行料恒生上半年淨息差收窄18基點,縱使存款競爭緩和及融資成本下降,但疲弱貸款需求導致資產收益率下降將為業績主要拖累。該行料恒生今年淨息差大致穩定或輕微收窄,淨利息收入料為低至中單位數下降;但非利息收入受信用卡及財富管理費用收入而改善。該行指,恒生將在9月9日完成30億元回購,額外回購或特別派息將為潛在上行驚喜,恒生資本強勁提供進一步回饋股東的彈性。該行目前給予恒生銀行“中性”評級,目標價94.5港元。
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