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《大行》大摩料匯控(00005.HK)次季經調整除稅前盈利按年跌10% 回購25億美元股份
摩根士丹利發表報告,預期亞洲銀行2025年第二季營運表現穩健,財富管理收入應可持續強勁,尤其受到香港業務活動水平的支持。同時,外匯與利率對沖需求持續,有助於資本市場收入保持強勢。該行料香港HIBOR下降將影響淨利息收入,預計將面臨一定壓力,不過,就匯控(00005.HK)而言,英國淨利息收入較好表現,加上受惠外匯因素,料可提供部分補償。該行預期信貸質量方面不會出現重大問題。料各銀行在第二季繼續進行股票回購,料渣打(02888.HK)回購15億美元,估計匯控預計回購25億美元。 該行維持匯控及渣打目標價不變,分別為90港元及121.5港元,均維持「增持」評級。該行基於匯率因素,將倫敦上市的匯控(HSBA.L)目標價由865便士微降至846便士。 大摩料匯控於7月30日公布今年第二季業績,估計第二季總體收入166.12億美元,按年跌1%(按季跌6%);料淨利息收入104.57億美元,按年下滑4%(按季跌1%);手續費及其他收入61.56億美元,按年升7%(按年跌14%);料除稅前盈利65.56億美元,按年跌26%(按季跌31%),相對市場同業料匯控第二季除稅前盈利75.96億美元;估計經調整除稅前盈利82.06億美元,按年跌10%(按季跌16%);該行料第二季每股派息10美仙及普通股權一級資本比率14.6%(按年跌44個基點)。(wl/u) ~
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