《大行》摩通升匯控(00005.HK)目標價至118元 料次季淨利息收入跌1%
摩根大通研究報告指,料匯豐控股(00005.HK)次季測銀行業務淨利息收入按季微跌1%至105億美元(下同),當中淨息差微降及貸款規模持平。該行認爲管理層全年淨利息收入420億元的指引有潛在下行風險;即使美元走弱,但亦考慮到次季HIBOR下跌。
該行料匯控其他收入按年增2%,當中財富管理業務維持強勁勢頭,料按年升16%,而首季升幅爲21%;批發銀行手續費用收入受季節性影響,按季跌12%,而外匯業務則有強勁表現;預期次季信貸損失提撥增加約50基點,而首季增幅爲37基點。
該行又料集團將宣佈30億元股份回購,普通股一級資本比率(CET1)估計達14.6%。另外亦關注成本節省進展,以及媒體報道提及潛在房地產成本上升對集團指引的影響。
估值方面,該行將無風險利率假設由4%下調至3%,對其至明年12月目標價由108港元上調9.3%至118港元,維持「增持」評級。
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