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大行評級|星展:下調恒生銀行目標價至90港元 維持“持有”評級
格隆匯 08-06 14:26

星展發表報吿指,恒生銀行上半年業績大致符合預期,關注資產質素和資本狀況。報吿指,恒生的不良貸款比率升至5.32%,相對去年底為2.83%;CET-1比率由2023財年末約18.1%下降至16.6%,部分原因是在香港商業地產資產質素惡化後,保守地確認監管儲備,並增加市場對恒生資本狀況能否支持進一步股份回購的疑慮。

星展維持對恒生“持有”評級,目標價由97港元降至90港元。2024至2026年盈利假設大致維持不變,原因是恒生香港商業地產貸款的抵押品狀況穩健,預期不會產生太多額外預期信用損失(ECL)費用。但對其股本成本的假設提高,以反映市場關注香港商業地產資產質素的影響。

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