《大行》美銀證券:花旗(C.US)每季40億美元回購可持續並推動價值重估 重申「買入」評級
美銀證券發表報告指,花旗集團(C.US)在業績電話會議指引第三季最少40億美元回購,高於首季及次季的17.5億及20億美元,市場反應正面。縱使管理層沒有作更長期指引,該行認爲花旗每季40億美元回購爲可持續,意味全年計回購額等同一成市值。該行指,花旗普通股權一級資本比率(CET1)截至第二季達13.5%,高於監管下限的11.6%,墨西哥分支上市或出售將進一步提振未來一至兩年資本靈活性,料花旗維持每季40億美元回購至明年。
該行又指,花旗行政總裁範潔恩在電話會議中表示來年有形普通股權回報率(ROTCE)10%至11%目標不是終點,該行相信市場對花旗顯着改善ROTCE應推動價值重估,對花旗目標價由105美元上調至107美元,重申「買入」評級。
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