大行評級丨摩根大通:匯豐首季業績超預期 預期短期內股價可能波動
摩根大通發表研報指,匯豐控股第一季度業績超出預期。當中,收入分別超出市場及摩通預期6%及8%,主要因財富管理及交易銀行業務推動的非利息收入強勁增長;淨利息收入大致符合預期;營運費用較市場及摩通預測低4%及3%;減值費用符合市場預測,但低於摩通預期;税前淨利潤分別超出市場及摩通預期15%及24%。摩通表示,匯控的壓力情境較其分析温和,估計收入潛在下行風險可達9%,額外預期信貸損失(ECL)將為5億美元。僅看第一季度業績,市場應上調對匯控的盈利預測,但隨着市場預測開始將下行情境納入基準預估,預計未來數週市場預期將下調。摩通亦指,匯控股價自特朗普公佈對等關税後已收復跌幅,但認為下行情境尚未反映在匯控的股價中,短期內股價可能波動,維持“增持”評級。
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