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研報掘金|中金:上調恆生銀行目標價至109.5港元 下半年業績略勝預期
格隆匯 02-20 16:34

中金報告指,恆生銀行去年下半年營業收入、撥備前經營溢利及純利分別按年升1.1%、0.2%及6.2%,略勝該行預期,主要來自非利息收入及信用成本低於預期,但未宣佈新一輪迴購,認爲市場對此反應較爲負面。該行提及,恆生截至去年底普通股權一級資本(CET1)率爲17.7%,較去年6月底升1.1個百分點,其中信用風險加權風險資產變動,爲CET1資本率帶來半個百分點的正面影響。

該行認爲,恆生未在今次業績公佈時宣佈新一輪迴購,不符合該行預期,但預計未來資本狀況仍然良好,不排除恆生未來重啓回購的可能。該行上調對恆生今明兩年盈利預測9%及4.8%,至170.72億及169.13億港元,另上調對恆生目標價9%至109.5港元,維持“中性”評級。

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