《大行》瑞銀升中銀香港(02388.HK)目標至36.5元 料上半年淨利潤升3.4%
瑞銀研究報告指,預期中銀香港(02388.HK)上半年淨利潤按年增長3.4%,主要受惠於非利息收入強勁增長55.8%,足以抵消HIBOR下跌導致的淨利息收入跌9.1%。在非利息收入推動因素中,瑞銀認爲資本市場相關費用,包括證券經紀、基金分銷及保險代理費用等,將隨港股反彈及市場利率下行而顯着提升。另外,預期交易相關投資收益亦表現亮眼,料該業務收入增長8.1%。
然而,瑞銀預期減值撥備將維持高水平,上半年信用成本達36基點,與去年下半年持平。即使上半年業績可能表現強勁,瑞銀仍維持全年淨利潤按年跌1%的預測;將2025至27年每股盈利預測上調3至9%,反映非利息收入強勁增長,目標價由34.5元上調至36.5元,重申「中性」評級。
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